Repare Therapeutics (RPTX) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		41,961,510
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	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 155,191	$ 334,427
Marketable securities	215,162	7,439
Research and development tax credits receivable	2,907	2,580
Income tax receivable	629	0
Collaboration revenue receivable	9,626	0
Other receivables	1,447	654
Prepaid expenses	5,635	6,314
Total current assets	390,597	351,414
Property and equipment, net	4,683	5,604
Operating lease right-of-use assets	5,904	7,491
Other assets	497	586
Deferred tax assets	7,477	3,620
TOTAL ASSETS	409,158	368,715
CURRENT LIABILITIES:
Accounts payable	9,345	2,302
Accrued expenses and other current liabilities	15,615	18,622
Operating lease liability, current portion	2,127	1,721
Deferred revenue, current portion	34,784	11,921
Income tax payable	0	523
Total current liabilities	61,871	35,089
Operating lease liability, net of current portion	3,767	5,592
Deferred revenue, net of current portion	37,744	39,613
TOTAL LIABILITIES	103,382	80,294
SHAREHOLDERS’ EQUITY
Preferred shares, no par value per share; unlimited shares authorized as of September 30, 2022 and December 31, 2021, respectively; 0 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively	0	0
Common shares, no par value per share; unlimited shares authorized as of September 30, 2022 and December 31, 2021; 41,961,510 and 41,850,162 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	481,782	480,699
Additional paid-in capital	32,173	17,988
Accumulated other comprehensive loss	(524)	0
Accumulated deficit	(207,655)	(210,266)
Total shareholders’ equity	305,776	288,421
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 409,158	$ 368,715

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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	41,961,510	41,850,162
Common stock shares outstanding	41,961,510	41,850,162

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Collaboration agreements	$ 112,545	$ 278	$ 113,632	$ 723
Operating expenses:
Research and development, net of tax credits	31,242	25,361	89,175	62,075
General and administrative	7,904	6,596	24,621	18,574
Total operating expenses	39,146	31,957	113,796	80,649
Income (loss) from operations	73,399	(31,679)	(164)	(79,926)
Other income (expense), net
Realized and unrealized gain (loss) on foreign exchange	126	33	250	(92)
Interest income	2,027	53	2,700	155
Other expense	(37)	(7)	(56)	(21)
Total other income, net	2,116	79	2,894	42
Income (loss) before income taxes	75,515	(31,600)	2,730	(79,884)
Income tax recovery (expense)	(54)	708	(119)	1,266
Net income (loss)	75,461	(30,892)	2,611	(78,618)
Unrealized loss on available-for-sale marketable securities	(524)	0	(524)	0
Total other comprehensive loss	(524)	0	(524)	0
Comprehensive income (loss)	$ 74,937	$ (30,892)	$ 2,087	$ (78,618)
Net income (loss) per share attributable to common shareholders--basic	$ 1.80	$ (0.83)	$ 0.06	$ (2.12)
Net income (loss) per share attributable to common shareholders-diluted	$ 1.71	$ (0.83)	$ 0.06	$ (2.12)
Weighted-average common shares outstanding-basic	41,945,617	37,122,668	41,902,554	37,026,116
Weighted-average common shares outstanding-diluted	44,177,376	37,122,668	44,160,481	37,026,116

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 Other Comprehensive Loss	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
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
Exercise of stock options	80		$ 129		(49)
Exercise of stock options, Shares			14,489
Share-based compensation expense	3,693				3,693
Issuance of common shares under the 2020 Employee Share Purchase Plan		$ 283		$ 407		$ (124)
Issuance of common shares under the 2020 Employee Share Purchase Plan, Shares				9,943
Net loss and comprehensive loss	(30,892)							(30,892)
Balance at Sep. 30, 2021	218,253		$ 385,990		14,239			(181,976)
Balance, Shares at Sep. 30, 2021			37,133,938
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	73,433
Balance at Sep. 30, 2022	$ 305,776		$ 481,782		32,173		$ (524)	(207,655)
Balance, Shares at Sep. 30, 2022			41,961,510
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
Exercise of stock options	50		$ 80		(30)
Exercise of stock options, Shares			16,930
Share-based compensation expense	5,053				5,053
Issuance of common shares under the 2020 Employee Share Purchase Plan		$ 219		$ 322		$ (103)
Issuance of common shares under the 2020 Employee Share Purchase Plan, Shares				21,108
Other comprehensive loss	(524)						(524)
Net income	75,461							75,461
Balance at Sep. 30, 2022	$ 305,776		$ 481,782		$ 32,173		$ (524)	$ (207,655)
Balance, Shares at Sep. 30, 2022			41,961,510

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities:
Net income (loss) for the period	$ 2,611	$ (78,618)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	14,553	8,933
Depreciation expense	1,523	1,103
Non-cash lease expense	1,643	1,248
Foreign exchange (gain) loss	(230)	10
Net (accretion)/amortization of marketable securities	(733)	85
Deferred tax	(3,857)	(1,431)
Changes in operating assets and liabilities:
Prepaid expenses	676	(2,425)
Research and development tax credits receivable	(340)	(295)
Collaboration revenue receivable	(9,626)	0
Other receivables	(831)	3,429
Other non-current assets	89	(616)
Accounts payable	7,066	(295)
Accrued expenses and other current liabilities	(1,291)	5,166
Operating lease liability, current portion	536	(174)
Income taxes	(1,152)	129
Operating lease liability, net of current portion	(1,672)	(584)
Deferred revenue	20,994	(723)
Net cash provided by (used in) operating activities	29,959	(65,058)
Cash Flows From Investing Activities:
Purchases of property and equipment	(2,322)	(1,525)
Proceeds from maturities of marketable securities	6,400	5,450
Purchase of marketable securities	(213,914)	(5,203)
Net cash used in investing activities	(209,836)	(1,278)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	283	712
Proceeds from issuance of common stock under the 2020 Employee Share Purchase Plan	432	283
Net cash provided by financing activities	715	995
Effect of exchange rate fluctuations on cash held	(74)	(60)
Net Decrease In Cash And Cash Equivalents	(179,236)	(65,401)
Cash and cash equivalents at beginning of period	334,427	326,396
Cash and cash equivalents at end of period	155,191	260,995
Supplemental Disclosure Of Cash Flow Information:
Property and equipment purchases incurred but not yet paid	0	13
Right-of-use asset obtained in exchange for new operating lease liability	56	3,827
Deferred financing costs in accruals and other current liabilities	$ 0	$ 104

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2022, the consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021, its statements of shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its consolidated cash flows for the nine months ended September 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 nine months ended September 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, except as noted under “Recently Adopted Accounting Pronouncements”. 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 The Company qualifies as a “smaller reporting company” under the Exchange Act as of September 30, 2022 because the market value of its common shares held by non-affiliates was less than $560 million as of June 30, 2022 and its revenue for the year ended December 31, 2021 was less than $100 million. As a smaller reporting company, the Company may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. For so long as the Company remains a smaller reporting company, it is permitted and the Company intends to rely on such exemptions from certain disclosure and other requirements that are applicable to other public companies that are not smaller reporting companies. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments implement an impairment model, known as the current expected credit loss model, that is based on expected losses rather than incurred losses. Under the new guidance, we will recognize our estimate of current expected credit losses as an allowance on financial assets measured at amortized cost for investments classified as available for sale. The Company adopted ASU 2016-13 and the related amendments thereto on January 1, 2022. The adoption of ASU 2016-13 and the related amendments thereto did not have a material impact on the Company’s condensed consolidated financial statements or disclosures as of and for the three months and nine months ended September 30, 2022. Recently Issued Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of the Annual Report, which could have a significant impact on the Company's condensed consolidated financial statements. 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 In connection with the COVID-19 pandemic, the Company previously established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of COVID-19 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. There is a possibility that the Company’s current or future clinical trial sites may be affected by the COVID-19 pandemic due to prioritization of hospital resources toward the COVID-19 pandemic, as well as 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 trials have in the past 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 or extend the Company’s projected 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 the COVID-19 pandemic. Should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing its current or planned 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	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: Description Financial Assets Quoted Significant Significant (in thousands) As of September 30, 2022 Assets Cash equivalents Money market funds $ 10,510 $ 10,510 $ — $ — Marketable securities U.S. Treasury notes 111,547 — 111,547 — U.S. Treasury bills 103,615 — 103,615 Total financial assets $ 225,672 $ 10,510 $ 215,162 $ — 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 marketable securities 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 nine months ended September 30, 2022 , there were no transfers between fair value measure levels.

Cash and Cash Equivalents and M

Cash and Cash Equivalents and Marketable Securities	9 Months Ended
	Sep. 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 September 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 September 30, 2022 Money market funds included in cash and $ 10,510 $ — $ — $ 10,510 Marketable securities: U.S. Treasury notes 111,891 — ( 344 ) 111,547 U.S. Treasury bills 103,795 7 ( 187 ) 103,615 Total $ 226,196 $ 7 $ ( 531 ) $ 225,672 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 Interest receivable was $ 0.3 million and nil as of September 30, 2022 and December 31, 2021, respectively, and is included in other receivables. Pursuant to the Company’s adoption of ASU 2016-13 and the related amendments thereto on January 1, 2022, the Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The Company held marketable securities with an aggregate fair value of $ 194.8 million and nil that were in an unrealized loss position as of September 30, 2022 and December 31, 2021, respectively. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of September 30, 2022 were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did no t record an allowance for credit losses or other impairment charges for its marketable securities for the three and nine months ended September 30, 2022 and 2021. The Company recognized $ 0.5 million in net unrealized losses in other comprehensive loss in the three and nine months ended September 30, 2022 ( nil in the three and nine months ended September 30, 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	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021 consisted of the following: September 30, December 31, (in thousands) Accrued compensation and benefits $ 4,479 $ 4,867 Accrued research and development expense 10,265 11,272 Accrued professional services 616 387 Accrued property and equipment purchases — 1,719 Other 255 377 Total accrued expenses and other current liabilities $ 15,615 $ 18,622

Collaboration and License Agree

Collaboration and License Agreement	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreement	6. Collaboration and License Agreements (a) Roche Collaboration and License Agreement In June 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 Ataxia-Telangiectasia and Rad3-related protein kinase (“ATR”) 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 (“Effective Date”). Pursuant to the Roche Agreement, the Company granted Roche a worldwide, perpetual, exclusive, sublicensable license to develop, manufacture, and commercialize the Licensed Products, as well as a non-exclusive, sublicensable license to certain related companion diagnostics. The Company has agreed to complete specified ongoing clinical trials in accordance with the development plan in the Roche Agreement, as well as ongoing investigator sponsored trials (together, the “Continuing Trials”) at the Company’s expense. Roche will assume all subsequent development of camonsertib with the potential to expand development into additional tumors and multiple combination studies. The Company retained the right to conduct specified clinical trials (the “Repare Trials”) of camonsertib in combination with the Company’s PKMYT1 compound (also known as RP-6306). The Roche Agreement also provides the Company, at its sole discretion, 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 Roche Agreement was subsequently amended in October 2022 to extend the timeline to negotiate in good faith the parties’ rights and obligations with respect to the Repare Trials, as defined in the Roche Agreement, and to clarify indications included in the development plan that are subject to milestones. Under the terms of the Roche Agreement, the Company received an upfront, nonrefundable payment of $ 125.0 million in July 2022. The Company is also entitled to an additional payment of $ 4.0 million negotiated with Roche for revisions to the clinical development plan under the Roche Agreement as agreed to by the parties at the time of the Effective Date. The Company is further entitled to receive $ 5.6 million for the transfer of clinical trial material on hand to Roche, as agreed to pursuant to the Roche Agreement. As of September 30, 2022, the additional payment of $ 4.0 million and the clinical trial materials transfer of $ 5.6 million are recorded as collaboration revenue receivable. The $ 5.6 million receivable for the transfer of clinical trial materials was collected in October 2022. The Company is eligible to receive up to $ 1.172 billion in potential clinical, regulatory, commercial and sales milestones, as well as royalties on global net sales ranging from high-single-digits to high-teens, subject to certain specified reductions. Royalties are payable by Roche on a product by product and country by country basis until the later of 12 years following the first commercial sale of a licensed product in such country or the expiration of certain exclusivity rights. The Roche Agreement will expire upon the last to expire royalty term or, as applicable, the end of the U.S. co-development and profit share arrangement. Additionally, Roche may terminate the agreement for convenience in its entirety or on a product by product or country by country basis subject to certain notice periods. Either party may terminate earlier upon the other party’s uncured material breach of the agreement or insolvency. Subject to the terms of the Roche Agreement, effective upon termination of the Roche Agreement, the Company is entitled to retain specified licenses to be able to continue to exploit the Licensed Products. The Company assessed the Roche Agreement in accordance with ASC 606, Revenue from Contracts with Customers, and concluded that Roche is a customer within the context of the agreement. At inception, the Company identified several performance obligations under the agreement, being (i) the combination of the exclusive perpetual license to the Licensed Products and the non-exclusive license to certain companion diagnostics, (ii) the research and development activities related to the completion of the Continuing Trials, as well as (iii) the transfer of clinical trial materials on hand. The Company determined that the exclusive license to the Licensed Products and the non-exclusive license to certain companion diagnostics should be combined into one distinct performance obligation as they were not capable of being distinct from each other within the context of the agreement given both are highly interdependent of each other. The Company determined that the combined licenses, the completion of the Continuing Trials and the transfer of clinical trial materials were all capable of being distinct and were distinct within the context of the Roche Agreement given such activities are independent of each other and Roche could benefit from either separately. The Company determined that the transaction price at the onset of the agreement is $ 134.6 million, being the total non-refundable upfront payment received of $ 125.0 million, the additional $ 4.0 million payment receivable and the $ 5.6 million receivable for the transfer of clinical trial materials. Additional consideration is to be paid to the Company upon the achievement of multiple clinical, regulatory and sales milestones. The Company utilized the most likely method approach and concluded that these amounts were constrained based on the probability of achievement. As such, the Company excluded this additional consideration from the transaction price. The Company has allocated the transaction price of $ 134.6 million to each performance obligation based on the relative stand-alone selling price of each performance obligation at inception. The Company has determined the estimated stand-alone selling price at contract inception of the combined licenses by applying a probability adjusted discounted cashflow model which forecasts future cash flows related to the licenses. The Company 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 pursuant to the license. The Company has determined the estimated stand-alone selling price at contract inception of the research and development activities required to complete the Continuing Trials 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 complete the Continuing Trials included the length of time required, the internal hours as well as external costs expected to be incurred, the number patients and the number of clinical and investigator sponsored trials. The Company has determined the stand-alone selling price of the clinical trial materials transferred based on the purchase price from external vendors, without applying a markup as the materials have a built-in margin from the external vendors. 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) Combined licenses $ 105,327 Completion of Continuing Trials 26,585 Transfer of clinical trial materials 2,714 Total transaction price $ 134,626 Revenue associated with the combined licenses was recognized at a point in time upon the transfer of the licenses to Roche on the effective date of the Roche Agreement as the Company concluded that the combined licenses were a functional intellectual property license that Roche could benefit from as of the time of grant. Revenue associated with the completion of the Continuing Trials has been deferred and will be recognized on a proportional performance basis over the period of time to complete the Continuing Trials, being estimated at within 24 months of the effective date, using input-based measurements of total costs of research and development incurred to estimate the proportion performed. Progress towards completion is remeasured at the end of each reporting period. Revenue associated with the transfer of clinical trial materials was recognized at a point in time upon delivery of the clinical trial materials to Roche in the third quarter of 2022. The Company recognized $ 112.3 million for the three and nine months ended September 30, 2022 as revenue associated with the Roche Agreement, of which $ 105.3 million related to the grant of the combined licenses, $ 2.7 million related to the clinical trial materials transferred, and $ 4.3 million related to the partial recognition of deferred revenue for research and development services performed towards the completion of the Continuing Trials during the period. As of September 30, 2022, there was $ 22.3 million (December 31, 2021 - nil ) of deferred revenue related to the Roche Agreement, of which $ 16.7 million (December 31, 2021 - nil ) was classified as current and $ 5.6 million (December 31, 2021 - nil ) was classified as non-current in the condensed consolidated balance sheet based on the period the services to complete the Continuing Trials are expected to be performed. We do not expect the upfront payment made with respect to the Roche Agreement to trigger cash tax obligations due to our accumulated tax losses available. (b) Bristol-Myers Squibb 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 $ 0.2 million and $ 0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $ 1.3 million and $ 0.7 million for the nine months ended September 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 nine months ended September 30, 2022 and 2021. As of September 30, 2022, there was $ 41.2 million (December 31, 2021 - $ 42.5 million ) of deferred revenue related to the BMS Agreement, of which $ 9.1 million (December 31, 2021 - $ 2.9 million ) was classified as current and $ 32.1 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	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	7. Leases The Company has historically entered into lease arrangements for its facilities. As of September 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 nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating Leases Lease Costs Operating lease costs $ 614 $ 563 $ 1,845 $ 1,406 Short-term lease costs 9 22 24 27 Variable lease costs 32 20 132 130 Total lease costs $ 655 $ 605 $ 2,001 $ 1,563 Nine Months Ended 2022 2021 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 1,334 $ 913 Right-of-use assets obtained in exchange for new operating lease liability $ 56 $ 3,827 Weighted-average remaining lease term (in years) 2.67 3.51 Weighted-average discount rate 4.0 % 4.0 %

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, 2022 , the total number of common shares that may be issued under the ESPP is 1,066,673 . 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. ESPP offering periods occur on a rolling six-month basis. The Company issued 37,915 common shares under the ESPP during the nine months ended September 30, 2022 at a weighted-average price per share of $ 11.43 . Cash received from purchases under the ESPP for the nine months ended September 30, 2022 was $ 0.4 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 September 30, 2022 , the total number of common shares that may be issued under the 2020 Plan is 7,923,715 . Total outstanding stock options as of September 30, 2022 was as follows: 2022 Number of Weighted Outstanding at beginning of period 5,322,591 $ 14.76 Granted 3,213,667 $ 14.29 Exercised ( 73,433 ) $ 3.85 Cancelled or forfeited ( 399,648 ) $ 20.78 Outstanding at end of period 8,063,177 $ 14.37 During the nine months ended September 30, 2022, an aggregate of 73,433 options were exercised at a weighted-average exercise price of $ 3.85 per share, for aggregate proceeds of $ 0.3 million . As a result, an amount of $ 0.2 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 Nine Months Ended 2022 2021 2022 2021 Fair value of stock options $ 8.45 $ 21.99 $ 9.40 $ 23.29 Risk-free interest rate 2.89 % 0.98 % 2.09 % 0.73 % Expected terms (in years) 6.08 5.85 5.98 5.99 Expected volatility 81.20 % 76.10 % 78.82 % 75.61 % 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 Nine Months Ended 2022 2021 2022 2021 (in thousands) Research and development $ 2,600 $ 1,557 $ 7,351 $ 3,985 General and administrative 2,453 2,136 7,202 4,948 Total share-based compensation expense $ 5,053 $ 3,693 $ 14,553 $ 8,933 Share-based compensation expense by type of award was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Stock options $ 4,969 $ 3,636 $ 14,376 $ 8,784 ESPP 84 57 177 149 Total share-based compensation expense $ 5,053 $ 3,693 $ 14,553 $ 8,933 As of September 30, 2022 , there was $ 46.3 million of unrecognized share-based compensation expense related to unvested stock options to be recognized over a weighted average period of 2.0 years.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) per Share	9. Net Income (Loss) per Share The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common shareholders of the Company: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 75,461 $ ( 30,892 ) $ 2,611 $ ( 78,618 ) Denominator: Weighted-average common shares outstanding — basic 41,945,617 37,122,668 41,902,554 37,026,116 Dilutive impact of outstanding stock options and shares issuable 2,231,759 — 2,257,927 — Weighted-average common shares outstanding — diluted 44,177,376 37,122,668 44,160,481 37,026,116 Net income (loss) per share Basic $ 1.80 $ ( 0.83 ) $ 0.06 $ ( 2.12 ) Diluted $ 1.71 $ ( 0.83 ) $ 0.06 $ ( 2.12 ) The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net income (loss) per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Options to purchase common shares 5,255,255 5,256,353 5,255,255 5,256,353 Estimated shares issuable under the ESPP — 3,286 — 3,286

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2022, the consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021, its statements of shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its consolidated cash flows for the nine months ended September 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 nine months ended September 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, except as noted under “Recently Adopted Accounting Pronouncements”.
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 The Company qualifies as a “smaller reporting company” under the Exchange Act as of September 30, 2022 because the market value of its common shares held by non-affiliates was less than $560 million as of June 30, 2022 and its revenue for the year ended December 31, 2021 was less than $100 million. As a smaller reporting company, the Company may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. For so long as the Company remains a smaller reporting company, it is permitted and the Company intends to rely on such exemptions from certain disclosure and other requirements that are applicable to other public companies that are not smaller reporting companies.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). Certain amendments thereto were also issued by the FASB. ASU 2016-13 and the related amendments implement an impairment model, known as the current expected credit loss model, that is based on expected losses rather than incurred losses. Under the new guidance, we will recognize our estimate of current expected credit losses as an allowance on financial assets measured at amortized cost for investments classified as available for sale. The Company adopted ASU 2016-13 and the related amendments thereto on January 1, 2022. The adoption of ASU 2016-13 and the related amendments thereto did not have a material impact on the Company’s condensed consolidated financial statements or disclosures as of and for the three months and nine months ended September 30, 2022.
Recently Issued Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted There were no new accounting pronouncements issued since the filing of the Annual Report, which could have a significant impact on the Company's condensed consolidated financial statements.
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 In connection with the COVID-19 pandemic, the Company previously established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of COVID-19 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. There is a possibility that the Company’s current or future clinical trial sites may be affected by the COVID-19 pandemic due to prioritization of hospital resources toward the COVID-19 pandemic, as well as 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 trials have in the past 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 or extend the Company’s projected 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 the COVID-19 pandemic. Should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing its current or planned 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)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: Description Financial Assets Quoted Significant Significant (in thousands) As of September 30, 2022 Assets Cash equivalents Money market funds $ 10,510 $ 10,510 $ — $ — Marketable securities U.S. Treasury notes 111,547 — 111,547 — U.S. Treasury bills 103,615 — 103,615 Total financial assets $ 225,672 $ 10,510 $ 215,162 $ — 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)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Cash and Cash Equivalents and Marketable Securities	As of September 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 September 30, 2022 Money market funds included in cash and $ 10,510 $ — $ — $ 10,510 Marketable securities: U.S. Treasury notes 111,891 — ( 344 ) 111,547 U.S. Treasury bills 103,795 7 ( 187 ) 103,615 Total $ 226,196 $ 7 $ ( 531 ) $ 225,672 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)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 consisted of the following: September 30, December 31, (in thousands) Accrued compensation and benefits $ 4,479 $ 4,867 Accrued research and development expense 10,265 11,272 Accrued professional services 616 387 Accrued property and equipment purchases — 1,719 Other 255 377 Total accrued expenses and other current liabilities $ 15,615 $ 18,622

Collaboration and License Agr_2

Collaboration and License Agreement (Tables)	9 Months Ended
	Sep. 30, 2022
Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
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) Combined licenses $ 105,327 Completion of Continuing Trials 26,585 Transfer of clinical trial materials 2,714 Total transaction price $ 134,626
Bristol-Myers Squibb Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating Leases Lease Costs Operating lease costs $ 614 $ 563 $ 1,845 $ 1,406 Short-term lease costs 9 22 24 27 Variable lease costs 32 20 132 130 Total lease costs $ 655 $ 605 $ 2,001 $ 1,563
Summary of Other Operating Lease Information	Nine Months Ended 2022 2021 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 1,334 $ 913 Right-of-use assets obtained in exchange for new operating lease liability $ 56 $ 3,827 Weighted-average remaining lease term (in years) 2.67 3.51 Weighted-average discount rate 4.0 % 4.0 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Outstanding Stock Options	Total outstanding stock options as of September 30, 2022 was as follows: 2022 Number of Weighted Outstanding at beginning of period 5,322,591 $ 14.76 Granted 3,213,667 $ 14.29 Exercised ( 73,433 ) $ 3.85 Cancelled or forfeited ( 399,648 ) $ 20.78 Outstanding at end of period 8,063,177 $ 14.37
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 Nine Months Ended 2022 2021 2022 2021 Fair value of stock options $ 8.45 $ 21.99 $ 9.40 $ 23.29 Risk-free interest rate 2.89 % 0.98 % 2.09 % 0.73 % Expected terms (in years) 6.08 5.85 5.98 5.99 Expected volatility 81.20 % 76.10 % 78.82 % 75.61 % 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 Nine Months Ended 2022 2021 2022 2021 (in thousands) Research and development $ 2,600 $ 1,557 $ 7,351 $ 3,985 General and administrative 2,453 2,136 7,202 4,948 Total share-based compensation expense $ 5,053 $ 3,693 $ 14,553 $ 8,933 Share-based compensation expense by type of award was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Stock options $ 4,969 $ 3,636 $ 14,376 $ 8,784 ESPP 84 57 177 149 Total share-based compensation expense $ 5,053 $ 3,693 $ 14,553 $ 8,933

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable To Common Shareholders	The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common shareholders of the Company: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 75,461 $ ( 30,892 ) $ 2,611 $ ( 78,618 ) Denominator: Weighted-average common shares outstanding — basic 41,945,617 37,122,668 41,902,554 37,026,116 Dilutive impact of outstanding stock options and shares issuable 2,231,759 — 2,257,927 — Weighted-average common shares outstanding — diluted 44,177,376 37,122,668 44,160,481 37,026,116 Net income (loss) per share Basic $ 1.80 $ ( 0.83 ) $ 0.06 $ ( 2.12 ) Diluted $ 1.71 $ ( 0.83 ) $ 0.06 $ ( 2.12 )
Computation of Diluted Net Income (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 income (loss) per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Options to purchase common shares 5,255,255 5,256,353 5,255,255 5,256,353 Estimated shares issuable under the ESPP — 3,286 — 3,286

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details)	9 Months Ended
	Sep. 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	Sep. 30, 2022	Dec. 31, 2021
Assets
Total financial assets	$ 225,672	$ 9,974
Money Market Funds
Assets
Total financial assets	10,510	2,535
U.S. Treasury Notes
Assets
Total financial assets	111,547	7,439
U.S. Treasury bills
Assets
Total financial assets	103,615
Quoted Prices in Active Markets for identical Assets (Level 1)
Assets
Total financial assets	10,510	9,974
Quoted Prices in Active Markets for identical Assets (Level 1) | Money Market Funds
Assets
Total financial assets	10,510	2,535
Quoted Prices in Active Markets for identical Assets (Level 1) | U.S. Treasury Notes
Assets
Total financial assets	0	7,439
Quoted Prices in Active Markets for identical Assets (Level 1) | U.S. Treasury bills
Assets
Total financial assets	0
Significant Other Observable Inputs (Level 2)
Assets
Total financial assets	215,162	0
Significant Other Observable Inputs (Level 2) | U.S. Treasury Notes
Assets
Total financial assets	111,547	$ 0
Significant Other Observable Inputs (Level 2) | U.S. Treasury bills
Assets
Total financial assets	$ 103,615

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Sep. 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 ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 226,196	$ 9,974
Unrealized Gains	7	0
Unrealized Losses	(531)	0
Fair Value	225,672	9,974
U.S. Treasury notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	111,891	7,439
Unrealized Gains	0	0
Unrealized Losses	(344)	0
Fair Value	111,547	7,439
U.S. Treasury bills
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	103,795
Unrealized Gains	7
Unrealized Losses	(187)
Fair Value	103,615
Money market funds included in cash and cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,510	2,535
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 10,510	$ 2,535

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 300,000		$ 300,000		$ 0
Marketable securities, Aggregate fair value	194,800,000		194,800,000		0
Allowance for credit losses or other impairment charges	0	$ 0	0	$ 0
Unrealized Gain (Loss) On Derivatives	500,000	$ 0	500,000	$ 0
Unrealized gains	7,000		7,000		0
Unrealized losses	$ 531,000		$ 531,000		$ 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	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 4,479	$ 4,867
Accrued research and development expense	10,265	11,272
Accrued professional services	616	387
Accrued property and equipment purchases	0	1,719
Other	255	377
Total accrued expenses and other current liabilities	$ 15,615	$ 18,622

Collaboration and License Agr_3

Collaboration and License Agreement - Additional Information (Details) - USD ($)	1 Months Ended				3 Months Ended			9 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Jun. 30, 2020	May 30, 2020	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 31, 2020
Bristol-Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable payment received					$ 50,000,000			$ 50,000,000
Bristol-Myers Squibb Company | 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 payment received										$ 50,000,000
Deferred revenue recognized					200,000		$ 300,000	1,300,000	$ 700,000
Revenue Recognized					0	$ 6,500,000	$ 0	0	$ 0
Deferred revenue					41,200,000	42,500,000		41,200,000
Deferred revenue, current					9,100,000	2,900,000		9,100,000
Deferred revenue, noncurrent					32,100,000	39,600,000		32,100,000
Bristol-Myers Squibb Company | Collaboration and License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments entitled to be received										301,000,000
Bristol-Myers Squibb Company | 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
Bristol-Myers Squibb Company | Collaboration and License Agreement | Maximum | Commercial Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments entitled to be received										$ 125,000,000
Roche
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable payment received					134,626,000			134,626,000
Roche | Combined licenses
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable payment received					105,327,000			105,327,000
Roche | Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated period of completion of trials to get revenue		24 months
Initial nonrefundable upfront fee received								125,000,000
Non-refundable payment received					134,600,000			134,600,000
Collaboration revenue payment receivable	$ 4,000,000
Deferred revenue recognized					112,300,000			112,300,000
Deferred revenue					22,300,000	0		22,300,000
Deferred revenue, current					16,700,000	0		16,700,000
Deferred revenue, noncurrent					5,600,000	$ 0		5,600,000
Roche | Collaboration and License Agreement | Research and development services
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue recognized					4,300,000			4,300,000
Roche | Collaboration and License Agreement | Commercial Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestones payments								1,172,000,000
Roche | Collaboration and License Agreement | Combined licenses
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue recognized					105,300,000			105,300,000
Roche | Collaboration and License Agreement | Clinical trial materials
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue receivable					5,600,000			5,600,000
Deferred revenue recognized					2,700,000			2,700,000
Roche | Collaboration and License Agreement | Additional clinical development plan
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue receivable					$ 4,000,000			$ 4,000,000

Collaboration and License Agr_4

Collaboration and License Agreement - Schedule of Transaction Price Performance Obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Roche
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	$ 134,626
Roche | Combined licenses
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	105,327
Roche | Completion of Continuing Trials
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	26,585
Roche | Transfer of clinical trial materials
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	2,714
Bristol-Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	50,000
Bristol-Myers Squibb Company | Research Activities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	6,405
Bristol-Myers Squibb Company | Options to License Druggable Target Lesions
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	31,148
Bristol-Myers Squibb Company | Options to License Undruggable Targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	$ 12,447

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lease Costs
Operating lease costs	$ 614	$ 563	$ 1,845	$ 1,406
Short-term lease costs	9	22	24	27
Variable lease costs	32	20	132	130
Total lease costs	$ 655	$ 605	$ 2,001	$ 1,563

Leases - Summary of Other Opera

Leases - Summary of Other Operating Lease Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating cash flows used for operating leases	$ 1,334	$ 913
Right-of-use asset obtained in exchange for new operating lease liability	$ 56	$ 3,827
Weighted-average remaining lease term (in years)	2 years 8 months 1 day	3 years 6 months 3 days
Weighted-average discount rate	4%	4%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Jun. 30, 2020	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued		41,961,510						41,961,510		41,850,162
Weighted average exercise price, Granted								$ 14.29
Number of options exercised								73,433
Number of shares, Granted								3,213,667
Options, weighted-average exercise price								$ 3.85
Aggregate proceeds from exercise of options								$ 283	$ 712
Unrecognized share-based compensation expense related to unvested stock options		$ 46,300						$ 46,300
Unrecognized share-based compensation expense related to unvested stock options, weighted average period								2 years
Decrease in additional paid-in capital as exercised options credited to common shares								$ 200
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options exercised		16,930	44,268	12,235	14,489	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		1,066,673						1,066,673
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	37,915						37,915
Shares issued, price per share		$ 11.43						$ 11.43
Cash received from purchases under ESPP								$ 400
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		7,923,715						7,923,715
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)	9 Months Ended
	Sep. 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	3,213,667
Number of shares, Exercised | shares	(73,433)
Number of shares, Cancelled or forfeited | shares	(399,648)
Number of shares, Outstanding at end of period | shares	8,063,177
Weighted average exercise price, Outstanding at beginning of period | $ / shares	$ 14.76
Weighted average exercise price, Granted | $ / shares	14.29
Weighted average exercise price, Exercised | $ / shares	3.85
Weighted average exercise price, Cancelled or forfeited | $ / shares	20.78
Weighted average exercise price, Outstanding at end of period | $ / shares	$ 14.37

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) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Fair value of stock options	$ 8.45	$ 21.99	$ 9.40	$ 23.29
Risk-free interest rate	2.89%	0.98%	2.09%	0.73%
Expected terms (in years)	6 years 29 days	5 years 10 months 6 days	5 years 11 months 23 days	5 years 11 months 26 days
Expected volatility	81.20%	76.10%	78.82%	75.61%
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 5,053	$ 3,693	$ 14,553	$ 8,933
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,600	1,557	7,351	3,985
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,453	2,136	7,202	4,948
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	4,969	3,636	14,376	8,784
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	$ 84	$ 57	$ 177	$ 149

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Summary of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss)	$ 75,461	$ (30,892)	$ 2,611	$ (78,618)
Denominator:
Weighted-average common shares outstanding-basic	41,945,617	37,122,668	41,902,554	37,026,116
Dilutive impact of outstanding stock options and shares issuable under the ESPP	2,231,759	0	2,257,927	0
Weighted-average common shares outstanding - diluted	44,177,376	37,122,668	44,160,481	37,026,116
Net income (loss) per share attributable to common shareholders--basic	$ 1.80	$ (0.83)	$ 0.06	$ (2.12)
Net income (loss) per share attributable to common shareholders-diluted	$ 1.71	$ (0.83)	$ 0.06	$ (2.12)

Net Income (Loss) per Share - C

Net Income (Loss) per Share - Computation of Diluted Net Income (Loss) Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	5,255,255	5,256,353	5,255,255	5,256,353
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	0	3,286	0	3,286