Relay Therapeutics (RLAY) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	RELAY THERAPEUTICS, INC.
Entity Central Index Key	0001812364
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Address, State or Province	MA
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RLAY
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		108,658,732
Entity File Number	001-39385
Entity Tax Identification Number	47-3923475
Entity Address Address Line1	399 Binney Street
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Cambridge
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	370-8837

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 119,445	$ 280,119
Investments	778,733	677,954
Accounts receivable	269	403
Contract asset	4,677	4,537
Prepaid expenses and other current assets	12,663	13,229
Total current assets	915,787	976,242
Property and equipment, net	8,904	6,543
Operating lease assets	20,309	20,780
Restricted cash	2,578	2,578
Intangible asset	2,300	2,300
Total assets	949,878	1,008,443
Current liabilities:
Accounts payable	8,053	8,276
Accrued expenses	15,217	13,557
Operating lease liabilities	1,922	1,844
Deferred revenue	166	248
Other current liabilities	16,332	396
Total current liabilities	41,690	24,321
Operating lease liabilities, net of current portion	20,555	21,056
Contingent consideration liability	45,663	50,258
Other liabilities		15,000
Total liabilities	107,908	110,635
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 150,000,000 shares authorized at March 31, 2022 and December 31, 2021; [-] and 108,210,318 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively;	109	109
Additional paid-in capital	1,681,225	1,666,887
Accumulated other comprehensive loss	(9,218)	(1,088)
Accumulated deficit	(830,146)	(768,100)
Total stockholders’ equity	841,970	897,808
Total liabilities and stockholders’ equity	$ 949,878	$ 1,008,443

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	150,000,000
Common stock shares issued	108,433,350	108,210,318
Common stock shares outstanding	108,433,350	108,210,318
Undesignated Preferred Stock [Member]
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Revenue from contract with customer	$ 419	$ 952
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember
Total revenue	$ 419	$ 952
Operating expenses:
Research and development expenses	51,667	30,622
Change in fair value of contingent consideration liability	(4,595)
General and administrative expenses	16,068	12,735
Total operating expenses	63,140	43,357
Loss from operations	(62,721)	(42,405)
Other income (expense):
Interest income	696	226
Other income (expense)	(21)	(5)
Total other income (expense), net	675	221
Net loss	$ (62,046)	$ (42,184)
Net loss per share, basic and diluted	$ (0.57)	$ (0.47)
Weighted average shares of common stock, basic and diluted	108,293,251	90,197,579
Other comprehensive (loss) income:
Unrealized holding loss	$ (8,130)	$ (52)
Total other comprehensive (loss) income	(8,130)	(52)
Total comprehensive loss	$ (70,176)	$ (42,236)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 763,293	$ 90	$ 1,167,367	$ 64	$ (404,228)
Beginning balance, shares at Dec. 31, 2020		89,906,835
Issuance of common stock upon exercise of stock options	2,055		2,055
Issuance of common stock upon exercise of stock options, shares		437,230
Vesting of restricted common stock	3		3
Vesting of restricted common stock, shares		84,489
Stock-based compensation expense	9,671		9,671
Unrealized loss on investments	(52)			(52)
Net loss	(42,184)				(42,184)
Ending balance at Mar. 31, 2021	732,786	$ 90	1,179,096	12	(446,412)
Ending balance, shares at Mar. 31, 2021		90,428,554
Beginning balance at Dec. 31, 2021	897,808	$ 109	1,666,887	(1,088)	(768,100)
Beginning balance, shares at Dec. 31, 2021		108,210,318
Issuance of common stock upon exercise of stock options	883		883
Issuance of common stock upon exercise of stock options, shares		195,799
Vesting of restricted common stock, shares		27,233
Stock-based compensation expense	13,455		13,455
Unrealized loss on investments	(8,130)			(8,130)
Net loss	(62,046)				(62,046)
Ending balance at Mar. 31, 2022	$ 841,970	$ 109	$ 1,681,225	$ (9,218)	$ (830,146)
Ending balance, shares at Mar. 31, 2022		108,433,350

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (62,046)	$ (42,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	13,455	9,671
Depreciation expense	975	919
Net amortization of premiums and discounts on investments	681	153
Change in fair value of contingent consideration liability	(4,595)
Changes in assets and liabilities:
Accounts receivable	134	75,000
Contract asset	(140)	(952)
Prepaid expenses and other current assets	566	1,632
Operating lease assets and liabilities, net	48	130
Other assets		22
Accounts payable	(1,223)	(811)
Accrued expenses and other liabilities	3,054	3,060
Deferred revenue	(82)
Net cash (used in) provided by operating activities	(49,173)	46,640
Cash flows from investing activities:
Purchases of property and equipment	(2,794)	(476)
Purchases of investments	(127,690)	(619,320)
Proceeds from maturities of investments	18,100	386,175
Net cash used in investing activities	(112,384)	(233,621)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	883	2,055
Net cash provided by financing activities	883	2,055
Net decrease in cash, cash equivalents and restricted cash	(160,674)	(184,926)
Cash, cash equivalents and restricted cash at beginning of period	282,697	448,524
Cash, cash equivalents and restricted cash at end of period	122,023	263,598
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 1,552	100
Reclassification of restricted stock liability to additional paid-in capital		$ 3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 119,445	$ 262,720
Restricted cash	2,578	878
Total cash, cash equivalents and restricted cash as shown on condensed consolidated statements of cash flows	$ 122,023	$ 263,598

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Text Block [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Relay Therapeutics, Inc. (the “Company”) was incorporated in Delaware on May 4, 2015 and is headquartered in Cambridge, Massachusetts. The Company is a clinical-stage, precision medicines company transforming the drug discovery process by combining leading-edge computational and experimental technologies with the goal of bringing life-changing therapies to patients. As the Company believes it is among the first of a new breed of biotech created at the intersection of disparate technologies, the Company aims to push the boundaries of what’s possible in drug discovery. The Company’s Dynamo™ platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable. The Company’s initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease indications. The Company’s lead product candidates, RLY-4008, RLY-2608 and RLY-1971, are in clinical development. The Company also has over five discovery stage programs across both precision oncology and genetic disease indications. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The Company has devoted substantially all of its resources to developing its product candidates, including RLY-4008, RLY-2608 and RLY-1971, by developing its computation and experimental approaches, building its intellectual property portfolio, business planning, raising capital and providing general and administrative support for these operations. The Company has incurred net operating losses since inception and had an accumulated deficit of $ 830.1 million as of March 31, 2022. The Company expects that its existing cash, cash equivalents and investments as of March 31, 2022 will enable it to fund its planned operating expenses and capital expenditure requirements for at least one year from the date of the issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a material adverse effect on its financial condition and ability to pursue its business strategies. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into license or collaboration arrangements or obtain government grants. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. In the event the Company requires additional funding, there can be no assurance that it will be successful in obtaining sufficient funding on terms acceptable to the Company to fund its continuing operations, if at all.

Significant Accounting Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated. Certain prior period amounts, specifically including certain current liabilities, have been reclassified to conform to current period presentation. Such reclassifications have no impact on the Company’s condensed consolidated statement of operations and comprehensive loss, as previously reported. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2022 , the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2022 and 2021 , and the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2022 , the condensed consolidated results of its operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021 . The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are unaudited. The condensed consolidated results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 , any other interim periods, or any future year or period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers , the accrual of research and development and manufacturing expenses, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The full extent to which the ongoing COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates. 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 thereto require that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. 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 ended March 31, 2022 . Recently Issued Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of any recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 93,469 $ — $ — $ 93,469 Investments: U.S. treasury bills — 519,475 — 519,475 U.S. agency securities — 259,258 — 259,258 Total investments — 778,733 — 778,733 Total assets $ 93,469 $ 778,733 $ — $ 872,202 Liabilities Contingent Milestone Payments $ — $ — $ ( 45,663 ) $ ( 45,663 ) Total liabilities $ — $ — $ ( 45,663 ) $ ( 45,663 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 251,891 $ — $ — $ 251,891 Investments: U.S. treasury bills — 469,386 — 469,386 U.S. agency securities — 208,568 — 208,568 Total investments — 677,954 — 677,954 Total assets $ 251,891 $ 677,954 $ — $ 929,845 Liabilities Contingent Milestone Payments $ — $ — $ 45,258 $ 45,258 Total liabilities $ — $ — $ 45,258 $ 45,258 In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. Fair Value of Contingent Consideration Liability In April 2021, the Company acquired ZebiAI. The Company’s Level 3 contingent consideration liability is related to $ 85.0 million of platform and program-related milestones (“Contingent Milestone Payments”) potentially payable to ZebiAI’s former equity holders. The contingent consideration liability for the Contingent Milestone Payments is measured at fair value at each reporting date pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company determines the fair value of the Contingent Milestone Payments based on the probability of achieving the milestones, the related timing, and, to a lesser extent, an appropriate discount rate. Significant judgment is used in determining these assumptions. Due to the uncertainties associated with the development of platforms and drug candidates in the pharmaceutical industry and the effects of changes in assumptions including probability of success and related timing, the Company expects its estimates regarding the fair value of Contingent Milestone Payments to continue to change in the future, resulting in adjustments to the fair value of the Company’s Contingent Milestone Payments, and the effect of any such adjustments could be material. The Company also has a contingent consideration liability related to the fair value of $ 100.0 million in earnout payments (“Contingent Earnout Payments”). Because the Contingent Earnout Payments were not accounted for as derivatives under FASB ASC Topic 815, Derivatives and Hedging, they were only measured at fair value as of the acquisition date and are not re-assessed at fair value at each reporting period. The Contingent Earnout Payments will be adjusted when the contingency is resolved and the consideration is paid or becomes payable. The following table reconciles the change in fair value of the contingent consideration liability (in thousands): Three Months Ended March 31, 2022 Balance at December 31, 2021 $ 50,258 Change in fair value of Contingent Milestone Payments ( 4,595 ) Balance at March 31, 2022 $ 45,663 The “Change in fair value of Contingent Milestone Payments” in the table above was attributable to changes in the assumptions noted above through March 31, 2022, primarily changes in timing and interest rates. The Contingent Milestone Payments are payable in shares of common stock based on a fixed amount assigned to each milestone and the weighted-average share price of the Company’s stock for the 5-day period prior to the milestone achievement. Accordingly, the number of shares to be issued upon a milestone achievement vary dependent on the Company’s stock price. The settlement amounts of Contingent Milestone Payments are predominantly fixed. If the milestones were achieved in full on March 31, 2022 , the number of shares to be issued would be 2,806,207 based on a weighted average per share price of $ 30.29 for the 5-day period prior to March 31, 2022 .

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Investments	4. Investments The fair value of available-for-sale investments by type of security was as follows: March 31, 2022 Amortized Unrealized Unrealized Fair Investments: U.S. treasury bills $ 320,925 $ — $ ( 2,122 ) $ 318,803 U.S. agency securities 158,162 — ( 1,004 ) 157,158 Total investments with a maturity of one year or less 479,087 — ( 3,126 ) 475,961 U.S. treasury bills 204,602 — ( 3,930 ) 200,672 U.S. agency securities 104,262 — ( 2,162 ) 102,100 Total investments with a maturity of one to two years 308,864 — ( 6,092 ) 302,772 Total investments $ 787,951 $ — $ ( 9,218 ) $ 778,733 December 31, 2021 Amortized Unrealized Unrealized Fair Investments: U.S. treasury bills $ 189,406 $ — $ ( 228 ) $ 189,178 U.S. agency securities 108,895 — ( 138 ) 108,757 Total investments with a maturity of one year or less 298,301 — ( 366 ) 297,935 U.S. treasury bills 280,743 — ( 535 ) 280,208 U.S. agency securities 99,998 — ( 187 ) 99,811 Total investments with a maturity of one to two years 380,741 — ( 722 ) 380,019 Total investments $ 679,042 $ — $ ( 1,088 ) $ 677,954 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) income. 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 109 and 88 debt securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, respectively. The unrealized losses at March 31, 2022 and December 31, 2021 were attributable to changes in interest rates and the unrealized losses do not represent credit losses. The Company does not intend to sell these securities and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis. The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2022 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. treasury bills $ 519,475 $ ( 6,052 ) $ — $ — $ 519,475 $ ( 6,052 ) U.S. agency securities 259,258 ( 3,166 ) — — 259,258 ( 3,166 ) Total $ 778,733 $ ( 9,218 ) $ — $ — $ 778,733 $ ( 9,218 ) The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. treasury bills $ 469,386 $ ( 763 ) $ — $ — $ 469,386 $ ( 763 ) U.S. agency securities 208,568 ( 325 ) — — 208,568 ( 325 ) Total $ 677,954 $ ( 1,088 ) $ — $ — $ 677,954 $ ( 1,088 )

Collaboration and License Arran

Collaboration and License Arrangements	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration and License Arrangements	5. Collaboration and License Arrangements Discovery Collaboration Agreement with EQRx, Inc. During the three months ended March 31, 2022, there were no changes to the Company’s Discovery and Collaboration Agreement (“Collaboration Agreement”) with EQRx, Inc. (“EQRx”) from August 2021. Accordingly, there were no changes to the Company’s accounting treatment thereon through March 31, 2022. During the three months ended March 31, 2022, expenses related to the Collaboration Agreement were immaterial. Collaboration and License Agreement with Genentech, Inc. During the three months ended March 31, 2022, there were no material changes to the Company’s Collaboration and License Agreement (“License Agreement”) with Genentech, Inc. (“Genentech”) from December 2020. Accordingly, there were no changes to the Company’s accounting treatment thereon through March 31, 2022 . During the three months ended March 31, 2022 and 2021 , the Company recognized an aggregate of $ 0.2 million and $ 1.0 million of revenue from the License Agreement, respectively. As of March 31, 2022 and December 31, 2021 , the Company recorded a contract asset in the amount of $ 4.7 million and $ 4.5 million, respectively, which is classified as a current asset on the condensed consolidated balance sheet. The contract asset relates to the amount of revenue recognized for which the right to payment is contingent upon conditions other than the passage of time, such as the completion of future milestone activities. As of March 31, 2022 and December 31, 2021 , the Company recorded an other liability in the amount of $ 15.0 million. The liability represents the cash received for a milestone payment in December 2021. The amount has been excluded from the transaction price at both March 31, 2022 and December 31, 2021 and, therefore, excluded from amounts recognized as revenue, since the amount is subject to repayment to Genentech if the Company exercises its option to participate in the profit/cost share under the License Agreement.

Stock Compensation

Stock Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Compensation	6. Stock Compensation Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended 2022 2021 Research and development expenses $ 7,110 $ 4,151 General and administrative expenses 6,345 5,520 $ 13,455 $ 9,671

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	7. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended 2022 2021 Net loss $ ( 62,046 ) $ ( 42,184 ) Net loss per share, basic and diluted $ ( 0.57 ) $ ( 0.47 ) Weighted average shares of common stock, basic and diluted 108,293,251 90,197,579 The Company’s potentially dilutive securities, which include outstanding options to purchase common stock and restricted stock units summarized below, have been excluded from the computation of diluted net loss per share for the periods indicated below, as the effect would be anti-dilutive and reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. Three Months Ended 2022 2021 Options to purchase common stock 11,251,697 8,529,232 Restricted stock units 1,743,965 357,654 12,995,662 8,886,886

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Intellectual Property License During the three months ended March 31, 2022, the Company amended the Amended and Restated Collaboration and License Agreement (“DESRES Agreement”) with D.E. Shaw Research, LLC (“D.E. Shaw Research”), specifically to update certain of the Category 1, Category 2, and Category 3 Target lists thereunder. However, there was no change to the Company’s accounting treatment or incremental amounts recognized in connection therewith for the three months ended March 31, 2022. The Company assessed the milestones under the DESRES Agreement at March 31, 2022 and December 31, 2021 , and concluded no such milestone payments were due. The Company recorded research and development expense of $ 2.3 million and $ 1.8 million under the DESRES Agreement for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021 , the Company had no accrued expense balances to D.E. Shaw Research on its condensed consolidated balance sheets. The Company had prepaid balances of $ 2.1 million and $ 4.4 million for D.E. Shaw Research as of March 31, 2022 and December 31, 2021, respectively. Other Significant Arrangements The Company has certain other research and license arrangements with third parties, which provide the Company with research services with the goal of identifying and developing product candidates, and the Company is obligated to pay certain development milestone payments pursuant to these arrangements upon the achievement of certain specified contingent events. The Company assessed such milestones at March 31, 2022 and December 31, 2021 , respectively, and concluded no such milestone payments were due. The Company incurred approximately $ 1.0 million and $ 0.4 million of research and development expense under these agreements for the three months ended March 31, 2022 and 2021 , respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events In preparing the consolidated interim financial statements as of March 31, 2022 and for the three month period then ended, the Company evaluated subsequent events for recognition and measurement purposes. The Company concluded that no events or transactions have occurred that require disclosure in the accompanying consolidated financial statements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for reporting on Form 10-Q. The Company’s condensed consolidated financial statements include the accounts of Relay Therapeutics, Inc. and its wholly-owned subsidiaries, Relay Therapeutics Securities Corporation and Relay ML Discovery, LLC. All intercompany balances and transactions have been eliminated. Certain prior period amounts, specifically including certain current liabilities, have been reclassified to conform to current period presentation. Such reclassifications have no impact on the Company’s condensed consolidated statement of operations and comprehensive loss, as previously reported.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2022 , the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2022 and 2021 , and the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of March 31, 2022 , the condensed consolidated results of its operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021 . The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2022 and 2021 are unaudited. The condensed consolidated results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 , any other interim periods, or any future year or period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the fair value of contingent milestone payments in connection with the acquisition of ZebiAI Therapeutics, Inc. (“ZebiAI”), the determination of the transaction price and standalone selling price of performance obligations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers , the accrual of research and development and manufacturing expenses, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The full extent to which the ongoing COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.
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 thereto require that credit losses be reported as an allowance using an expected losses model, representing the entity’s current estimate of credit losses expected to be incurred. 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 ended March 31, 2022 .
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of any recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 93,469 $ — $ — $ 93,469 Investments: U.S. treasury bills — 519,475 — 519,475 U.S. agency securities — 259,258 — 259,258 Total investments — 778,733 — 778,733 Total assets $ 93,469 $ 778,733 $ — $ 872,202 Liabilities Contingent Milestone Payments $ — $ — $ ( 45,663 ) $ ( 45,663 ) Total liabilities $ — $ — $ ( 45,663 ) $ ( 45,663 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 251,891 $ — $ — $ 251,891 Investments: U.S. treasury bills — 469,386 — 469,386 U.S. agency securities — 208,568 — 208,568 Total investments — 677,954 — 677,954 Total assets $ 251,891 $ 677,954 $ — $ 929,845 Liabilities Contingent Milestone Payments $ — $ — $ 45,258 $ 45,258 Total liabilities $ — $ — $ 45,258 $ 45,258
Schedule of Changes in Fair Value of Contingent Consideration Liability	The following table reconciles the change in fair value of the contingent consideration liability (in thousands): Three Months Ended March 31, 2022 Balance at December 31, 2021 $ 50,258 Change in fair value of Contingent Milestone Payments ( 4,595 ) Balance at March 31, 2022 $ 45,663

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule Of Investments [Abstract]
Summary of Fair Value of Available-for-Sale Investments by Type of Security	The fair value of available-for-sale investments by type of security was as follows: March 31, 2022 Amortized Unrealized Unrealized Fair Investments: U.S. treasury bills $ 320,925 $ — $ ( 2,122 ) $ 318,803 U.S. agency securities 158,162 — ( 1,004 ) 157,158 Total investments with a maturity of one year or less 479,087 — ( 3,126 ) 475,961 U.S. treasury bills 204,602 — ( 3,930 ) 200,672 U.S. agency securities 104,262 — ( 2,162 ) 102,100 Total investments with a maturity of one to two years 308,864 — ( 6,092 ) 302,772 Total investments $ 787,951 $ — $ ( 9,218 ) $ 778,733 December 31, 2021 Amortized Unrealized Unrealized Fair Investments: U.S. treasury bills $ 189,406 $ — $ ( 228 ) $ 189,178 U.S. agency securities 108,895 — ( 138 ) 108,757 Total investments with a maturity of one year or less 298,301 — ( 366 ) 297,935 U.S. treasury bills 280,743 — ( 535 ) 280,208 U.S. agency securities 99,998 — ( 187 ) 99,811 Total investments with a maturity of one to two years 380,741 — ( 722 ) 380,019 Total investments $ 679,042 $ — $ ( 1,088 ) $ 677,954
Available-for-sale Debt Securities in an Unrealized Loss Position	The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2022 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. treasury bills $ 519,475 $ ( 6,052 ) $ — $ — $ 519,475 $ ( 6,052 ) U.S. agency securities 259,258 ( 3,166 ) — — 259,258 ( 3,166 ) Total $ 778,733 $ ( 9,218 ) $ — $ — $ 778,733 $ ( 9,218 ) The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2021 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. treasury bills $ 469,386 $ ( 763 ) $ — $ — $ 469,386 $ ( 763 ) U.S. agency securities 208,568 ( 325 ) — — 208,568 ( 325 ) Total $ 677,954 $ ( 1,088 ) $ — $ — $ 677,954 $ ( 1,088 )

Stock Compensation (Tables)

Stock Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock-Based Compensation Expense Included In The Company's Condensed Consolidated Statements of Operations And Comprehensive Loss	Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended 2022 2021 Research and development expenses $ 7,110 $ 4,151 General and administrative expenses 6,345 5,520 $ 13,455 $ 9,671

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Loss Per Share	The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended 2022 2021 Net loss $ ( 62,046 ) $ ( 42,184 ) Net loss per share, basic and diluted $ ( 0.57 ) $ ( 0.47 ) Weighted average shares of common stock, basic and diluted 108,293,251 90,197,579
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share	Three Months Ended 2022 2021 Options to purchase common stock 11,251,697 8,529,232 Restricted stock units 1,743,965 357,654 12,995,662 8,886,886

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ (830,146)	$ (768,100)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities
Contingent consideration liability	$ 45,663	$ 50,258
Fair value on a recurring basis [Member]
Investments:
Total assets	872,202	929,845
Liabilities
Contingent consideration liability	45,663
Contingent milestone payments		45,258
Total liabilities	45,663	45,258
Investments [Member] | Fair value on a recurring basis [Member]
Investments:
Total investments	778,733	677,954
Investments [Member] | Fair value on a recurring basis [Member] | US treasury bills [Member]
Investments:
Total investments	519,475	469,386
Investments [Member] | Fair value on a recurring basis [Member] | US agency securities [Member]
Investments:
Total investments	259,258	208,568
Cash equivalents [Member] | Fair value on a recurring basis [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	93,469	251,891
Level 1 [Member] | Fair value on a recurring basis [Member]
Investments:
Total assets	93,469	251,891
Level 1 [Member] | Cash equivalents [Member] | Fair value on a recurring basis [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	93,469	251,891
Level 2 [Member] | Fair value on a recurring basis [Member]
Investments:
Total assets	778,733	677,954
Level 2 [Member] | Investments [Member] | Fair value on a recurring basis [Member]
Investments:
Total investments	778,733	677,954
Level 2 [Member] | Investments [Member] | Fair value on a recurring basis [Member] | US treasury bills [Member]
Investments:
Total investments	519,475	469,386
Level 2 [Member] | Investments [Member] | Fair value on a recurring basis [Member] | US agency securities [Member]
Investments:
Total investments	259,258	208,568
Level 3 [Member] | Fair value on a recurring basis [Member]
Liabilities
Contingent consideration liability	45,663
Contingent milestone payments		45,258
Total liabilities	$ 45,663	$ 45,258

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - ZebiAI [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration payment description	The Contingent Milestone Payments are payable in shares of common stock based on a fixed amount assigned to each milestone and the weighted-average share price of the Company’s stock for the 5-day period prior to the milestone achievement.
Number of shares that would be issued upon milestone achievement	2,806,207
Average share value of 5-day	$ 30.29
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Business combination contingent consideration liability, milestones payments		$ 85
Business combination contingent consideration liability, contingent earnout payments		$ 100

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liability (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 50,258
Change in fair value of Contingent Milestone Payments	(4,595)
Ending balance	$ 45,663

Investments - Summary of Fair V

Investments - Summary of Fair Value of Available-for-Sale Investments by Type of Security (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 787,951	$ 679,042
Unrealized Losses	(9,218)	(1,088)
Fair Value	778,733	677,954
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	479,087	298,301
Unrealized Losses	(3,126)	(366)
Fair Value	475,961	297,935
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	308,864	380,741
Unrealized Losses	(6,092)	(722)
Fair Value	302,772	380,019
U.S treasury bills [Member] | Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	320,925	189,406
Unrealized Losses	(2,122)	(228)
Fair Value	318,803	189,178
U.S treasury bills [Member] | Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	204,602	280,743
Unrealized Losses	(3,930)	(535)
Fair Value	200,672	280,208
U.S agency securities [Member] | Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	158,162	108,895
Unrealized Losses	(1,004)	(138)
Fair Value	157,158	108,757
U.S agency securities [Member] | Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	104,262	99,998
Unrealized Losses	(2,162)	(187)
Fair Value	$ 102,100	$ 99,811

Investments - Additional Inform

Investments - Additional Information (Detail) - DebtSecurity	Mar. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Debt securities unrealized loss position	109	88

Investments - Available-for-sal

Investments - Available-for-sale Debt Securities in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	$ 778,733	$ 677,954
Less than 12 Months, Unrealized Losses	9,218	1,088
Total, Fair Value	778,733	677,954
Total, Unrealized Losses	9,218	1,088
U.S treasury bills [Member]
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	519,475	469,386
Less than 12 Months, Unrealized Losses	6,052	763
Total, Fair Value	519,475	469,386
Total, Unrealized Losses	6,052	763
U.S agency securities [Member]
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 Months, Fair Value	259,258	208,568
Less than 12 Months, Unrealized Losses	3,166	325
Total, Fair Value	259,258	208,568
Total, Unrealized Losses	$ 3,166	$ 325

Acquisition of ZebiAI - Additio

Acquisition of ZebiAI - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of contingent milestone payments	$ 45,663	$ 50,258

Collaboration and License Arr_2

Collaboration and License Arrangements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Collaboration And License Arrangement [Line Items]
Contract asset	$ 4,677		$ 4,537
Other Liabilities [Member]
Collaboration And License Arrangement [Line Items]
Cash received for milestone payment	$ 15,000		$ 15,000
EQRx, Inc [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, rights and obligations	During the three months ended March 31, 2022, there were no changes to the Company’s Discovery and Collaboration Agreement (“Collaboration Agreement”) with EQRx, Inc. (“EQRx”) from August 2021. Accordingly, there were no changes to the Company’s accounting treatment thereon through March 31, 2022.
Genentech [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, rights and obligations	During the three months ended March 31, 2022, there were no material changes to the Company’s Collaboration and License Agreement (“License Agreement”) with Genentech, Inc. (“Genentech”) from December 2020. Accordingly, there were no changes to the Company’s accounting treatment thereon through March 31, 2022.
Genentech [Member] | License Agreement [Member]
Collaboration And License Arrangement [Line Items]
Revenue from license agreement	$ 200	$ 1,000

Stock Compensation - Schedule o

Stock Compensation - Schedule of Stock-Based Compensation Expense Included In The Company's Condensed Consolidated Statements of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 13,455	$ 9,671
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	7,110	4,151
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 6,345	$ 5,520

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (62,046)	$ (42,184)
Net loss per share, basic and diluted	$ (0.57)	$ (0.47)
Weighted average shares of common stock, basic and diluted	108,293,251	90,197,579

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	12,995,662	8,886,886
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	11,251,697	8,529,232
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	1,743,965	357,654

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Line Items]
Accrued expenses	$ 15,217,000		$ 13,557,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	2,300,000	$ 1,800,000
Accrued expenses	0		0
Prepaid balance	2,100,000		4,400,000
DE Shaw Research [Member] | Lease Agreement
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	0		0
Other Third Parties [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense	1,000,000	$ 400,000
Other Third Parties [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due	$ 0		$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Proceeds from issuance of shares	$ 883	$ 2,055