Relay Therapeutics (RLAY) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 11, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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	Non-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	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	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		92,382,360
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 262,720	$ 447,646
Investments	463,355	230,415
Accounts receivable		75,000
Contract asset	8,606	7,654
Prepaid expenses and other current assets	7,753	9,385
Total current assets	742,434	770,100
Property and equipment, net	5,907	6,250
Operating lease assets	22,127	22,579
Restricted cash	878	878
Other assets		22
Total assets	771,346	799,829
Current liabilities:
Accounts payable	5,593	6,351
Accrued expenses and other current liabilities	8,867	5,760
Operating lease liabilities	1,623	1,521
Total current liabilities	16,083	13,632
Operating lease liabilities, net of current portion	22,477	22,901
Restricted stock liability		3
Total liabilities	38,560	36,536
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value; 150,000,000 shares authorized at March 31, 2021 and December 31, 2020; 90,428,554 and 89,991,324 shares issued at March 31, 2021 and December 31, 2020, respectively; 90,428,554 and 89,906,835 shares outstanding at March 31, 2021 and December 31, 2020, respectively	90	90
Additional paid-in capital	1,179,096	1,167,367
Accumulated other comprehensive income	12	64
Accumulated deficit	(446,412)	(404,228)
Total stockholders’ equity	732,786	763,293
Total liabilities, convertible preferred stock, and stockholders’ equity	$ 771,346	$ 799,829

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	150,000,000
Common stock shares issued	90,428,554	89,991,324
Common stock shares outstanding	90,428,554	89,906,835
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, 2021	Mar. 31, 2020
Revenue:
Collaboration revenue	$ 952
Revenue from Contract with Customer, Product and Service [Extensible List]	rlay:CollaborationRevenueMember	rlay:CollaborationRevenueMember
Total revenue	$ 952
Operating expenses:
Research and development expenses	30,622	$ 21,700
General and administrative expenses	12,735	4,758
Total operating expenses	43,357	26,458
Loss from operations	(42,405)	(26,458)
Other income (expense):
Interest income	226	1,572
Other expense	(5)
Total other income (expense), net	221	1,572
Net loss	$ (42,184)	$ (24,886)
Net loss per share, basic and diluted	$ (0.47)	$ (5.99)
Weighted average shares of common stock, basic and diluted	90,197,579	4,153,791
Other comprehensive (loss) income:
Unrealized holding (loss) gain	$ (52)	$ 1,069
Total other comprehensive (loss) income	(52)	1,069
Total comprehensive loss	$ (42,236)	$ (23,817)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2019	$ (180,438)	$ 537,781	$ 4	$ 8,715	$ 325	$ (189,482)
Beginning balance, shares at Dec. 31, 2019		212,642,857	4,037,476
Issuance of common stock upon exercise of stock options	351			351
Issuance of common stock upon exercise of stock options, shares			85,845
Vesting of restricted common stock	98			98
Vesting of restricted common stock, shares			210,516
Stock-based compensation expense	1,455			1,455
Unrealized gain (loss) on investments	1,069				1,069
Net loss	(24,886)					(24,886)
Ending balance at Mar. 31, 2020	(202,351)	$ 537,781	$ 4	10,619	1,394	(214,368)
Ending balance, shares at Mar. 31, 2020		212,642,857	4,333,837
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 gain (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

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (42,184)	$ (24,886)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense	9,671	1,455
Depreciation expense	919	859
Net amortization of premiums and discounts on investments	153	(321)
Changes in assets and liabilities:
Prepaid expenses and other current assets	1,632	261
Lease assets and liabilities, net	130	105
Accounts payable	(811)	(2,338)
Accrued expenses and other liabilities	3,060	2,531
Accounts receivable	75,000
Contract asset	(952)
Other assets	22
Net cash provided by (used in) operating activities	46,640	(22,334)
Cash flows from investing activities:
Purchases of property and equipment	(476)	(1,020)
Purchases of investments	(619,320)	(55,609)
Proceeds from maturities of investments	386,175	107,000
Net cash provided by (used in) investing activities	(233,621)	50,371
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	2,055	351
Net cash provided by financing activities	2,055	351
Net (decrease) increase in cash, cash equivalents and restricted cash	(184,926)	28,388
Cash, cash equivalents and restricted cash at beginning of period	448,524	42,832
Cash, cash equivalents and restricted cash at end of period	263,598	71,220
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	100	51
Reclassification of restricted stock liability to additional paid-in capital	$ 3	$ 98

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Restricted Cash And Cash Equivalents At Carrying Value [Abstract]
Cash and cash equivalents	$ 262,720	$ 447,646	$ 70,342
Restricted cash	878	878	878
Total cash, cash equivalents and restricted cash as shown on condensed consolidated statements of cash flows	$ 263,598	$ 448,524	$ 71,220	$ 42,832

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 with the goal of bringing life-changing therapies to patients. The Company is among the first of a new breed of biotech created at the intersection of disparate disciplines. The Company’s Dynamo™ platform integrates an array of leading-edge computational and experimental approaches to effectively 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. The Company is advancing its pipeline of medicines to address targets in precision oncology, including its lead product candidates, RLY-4008 and RLY-1971, as well as its PI3Kα mutant selective program, known as the RLY-PI3K1047 program. The Company initiated a Phase 1 clinical trial for RLY-1971 in patients with advanced solid tumors in the first quarter of 2020 and a first-in-human clinical trial of RLY-4008 enriched for patients with advanced solid tumors having oncogenic FGFR2 alterations in the third quarter of 2020. In December 2020, the Company entered into the Collaboration and License Agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”), a member of the Roche Group, for the development and commercialization of RLY-1971, as further discussed in Note 5. 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 pre-clinical 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-1971 and RLY-4008, and the RLY-PI3K1047 program by developing its innovative computational and experimental approaches on protein motion, 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 $446,412

Significant Accounting Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 subsidiary, Relay Therapeutics Securities Corporation. All intercompany balances and transactions have been eliminated. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three months ended March 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 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, 2021 and the condensed consolidated results of its operations and cash flows for the three months ended March 31, 2021 and 2020. The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are unaudited. The condensed consolidated results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, 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 accrual of research and development and manufacturing expenses, the valuation of equity instruments, the determination of the transaction price and standalone selling price of performance obligations under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The full extent to which the 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 Effective January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity Effective January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2019, the FASB subsequently issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates 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 qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to use the extended transition period related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different effective dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

Fair Value of Financial Assets

Fair Value of Financial Assets	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets	3. Fair Value of Financial Assets The following tables present information about the Company’s financial assets 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 March 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 262,220 $ — $ — $ 262,220 Investments: US treasury bills — 233,402 — 233,402 US agency securities — 229,953 — 229,953 Total investments — 463,355 — 463,355 Total $ 262,220 $ 463,355 $ — $ 725,575 Fair Value Measurements as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 447,146 $ — $ — $ 447,146 Investments: US treasury bills — 33,026 — 33,026 US agency securities — 197,389 — 197,389 Total investments — 230,415 — 230,415 Total $ 447,146 $ 230,415 $ — $ 677,561 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. The Company did not have any financial assets or liabilities that required Level 3 inputs during any of the periods presented in the accompanying condensed consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Schedule Of Investments [Abstract]
Investments	4. Investments The fair value of available-for-sale investments by type of security was as follows: March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S treasury bills $ 42,198 $ 10 $ — $ 42,208 U.S agency securities 48,997 9 49,006 Total investments with a maturity of one year or less 91,195 19 — 91,214 U.S treasury bills 191,234 (40 ) 191,194 U.S agency securities 180,914 33 180,947 Total investments with a maturity of one to two years 372,148 33 (40 ) 372,141 Total investments $ 463,343 $ 52 $ (40 ) $ 463,355 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S treasury bills $ 29,997 $ 21 $ — $ 30,018 U.S agency securities 20,996 5 — 21,001 Total investments with a maturity of one year or less 50,993 26 — 51,019 U.S treasury bills 3,008 — — 3,008 U.S agency securities 176,350 38 — 176,388 Total investments with a maturity of one to two years 179,358 38 — 179,396 Total investments $ 230,351 $ 64 $ — $ 230,415

Collaboration and License Arran

Collaboration and License Arrangement with Genentech	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration and License Arrangement with Genentech	5. Collaboration and License Arrangement with Genentech On December 11, 2020, the Company entered into the Genentech Agreement, which granted Genentech a license to develop and commercialize RLY-1971. RLY-1971 is currently being developed in a Phase 1a clinical trial for patients with advanced solid tumors (the “Phase 1a Trial”). Unless Genentech elects to exercise its option to conduct the remainder of the ongoing Phase 1a Trial, the Company is responsible for the completion of this trial. Genentech is responsible for conducting all subsequent clinical development of RLY-1971. The Company is also responsible for the one-time transfer of the active pharmaceutical ingredient (“API”) and other materials related to RLY-1971 to Genentech. Under the Genentech Agreement, the Company received a non-refundable upfront payment of $75,000, which was due upon completion of certain technology transfer activities and was reflected as accounts receivable on the consolidated balance sheet at December 31, 2020. The Company collected this amount in full in January 2021. In April 2021, the Company completed the transfer of the Investigational New Drug ("IND") application for RLY-1971 to Genentech upon which the Company received payment for the associated non-refundable milestone payment of $5,000 in May 2021. The Company is eligible to receive up to $20,000 in additional near-term milestone payments. The Company is also eligible to receive up to an aggregate of an additional $695,000 upon the achievement of specified development, commercialization and sales-based milestones for RLY-1971 worldwide as well as tiered royalties ranging from low-to-mid teens on annual worldwide net sales of RLY-1971, on a country-by-country basis, subject to reduction in certain circumstances. The Company has the option, exercisable one time at the Company’s sole discretion, to (a) fund half of the development costs of RLY-1971 in the United States, (b) share half of the net profits or net loss of commercializing RLY-1971 in the U.S. (the “Profit/Cost Share”) and (c) be eligible to receive up to an aggregate of an additional $410,000 upon the achievement of specified commercialization and sales-based milestones for RLY-1971 outside of the United States and tiered royalties ranging from low-to-mid teens on annual net sales of RLY-1971 outside of the United States, on a country-by-country basis, subject to reduction in certain circumstances. The Company may elect to opt-out of further participation in the Profit/Cost Share at any time prior to the third anniversary of the first commercial sale of RLY-1971 in the U.S, in which case the financial terms would revert to the terms applicable as if the Company had not opted into the Profit/Cost Share as of the effective opt-out date. Genentech may terminate the Genentech Agreement for convenience and the Company may terminate the Genentech Agreement under certain limited circumstances. Unless otherwise terminated, the Genentech Agreement will remain in effect until the expiration of all Genentech’s royalty payment obligations to the Company. Accounting Analysis Identification of the Contract The Company concluded that Genentech is a customer in this arrangement and as such, the arrangement falls within the scope of the revenue recognition guidance in ASC 606. Identification of Performance Obligations At the commencement of the Genentech Agreement, the Company identified the following performance obligations in the agreement: • License to develop and commercialize RLY-1971 and the related know-how; • Research and development services to complete the Phase 1a Trial for RLY-1971; and • Transfer of API and other materials related to RLY-1971 The Company determined that the performance obligations outlined above are both capable of being distinct and distinct within the context of the contract given such rights and activities are independent of each other. The license can be used by Genentech without the research and development services or API outlined above, Determination of Transaction Price The Company determined the transaction price for the Genentech Agreement to be $85,720, which includes both fixed and variable consideration amounts. The total transaction price of $85,720 is comprised of (i) the $75,000 fixed, non-refundable upfront payment, (ii) a $5,000 non-refundable milestone payment due upon the transfer of the IND application Allocation of Transaction Price to Performance Obligations The Company allocated the transaction price of $85,720 based on the stand-alone selling prices (“SSP”) of each of the performance obligations as follows: • $82,512 million for the transfer of the license • $2,891 million for research and development services; and • $317 million for the transfer of API. The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The Company also reviewed comparable market transactions in determining the SSP of the license. The SSP for the research and development services as well as the transfer of API were based on estimates of the associated effort and cost of these services and cost to manufacture API, adjusted for a reasonable profit margin that would be expected to be realized under similar contracts. Recognition of Revenue The Company is recognizing revenue for each of the three performance obligations as follows: • The Company recognized revenue related to the license at a point in time upon transfer of the license to Genentech. The Company recognized the full amount allocated to the license and related know-how in the fourth quarter of 2020 because the Company had transferred the license upon execution of the Genentech Agreement. • The Company is satisfying the research and development performance obligation for RLY-1971 as the research and development services are performed. The research and development services performance obligation consists of the Company completing the Phase 1a clinical trial initiated in the first quarter of 2020. The Company recognizes revenue related to the research and development services over time using a cost-based input method by calculating actual costs incurred to date at each period end relative to total estimated costs expected to be incurred to fulfill the performance obligation. Revenue recognized during the three months ended March 31, 2021 related to the R&D services amounts to $778. • The Company recognized the full amount of revenue allocated to the transfer of API in the first quarter of 2021 upon transfer to Genentech in the amount of $317. There was no revenue recognized related to this performance obligation during the year ended December 31, 2020. During the three months ended March 31, 2021, the Company recognized an aggregate of $952 of revenue from the Genentech Agreement related to the R&D services and the transfer of inventory to Genentech. At March 31, 2021, the Company recorded a contract asset in the amount of $8,606, which is classified as a current asset, on the 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.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
Common Stock	6. Common Stock The Company issued restricted shares of common stock to its founders and non-employees. In addition, the Company issued restricted shares of common stock upon the early exercise of stock options under the Company’s 2016 Stock Option and Grant Plan (the “2016 Stock Plan”). The restrictions on the common shares generally lapse over four years. The Company included the proceeds from the sale of the restricted shares of common stock as a restricted stock liability on the accompanying condensed consolidated balance sheets. Amounts are reclassified to additional paid-in capital as the restrictions lapse. The Company has the right to repurchase any unvested shares of restricted common stock at the original cost in the event of termination.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Payments	7. Share-Based Payments In 2016, the Company adopted the 2016 Stock Plan. On July 8, 2020, the Company’s stockholders approved the 2020 Stock Option and Incentive Plan (the “2020 Stock Plan”), which became effective on the date immediately prior to the effectiveness of the Company’s registration statement on Form S-1 for its IPO. The 2020 Stock Plan provides for the issuance of up to 8,376,080 of share-based awards. Subsequent to July 20, 2020, no further awards will be made under the 2016 Stock Plan and all future equity-based awards are granted under the 2020 Stock Plan. To the extent outstanding options granted under the 2016 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2016 Plan, the number of shares underlying such awards will be available for future grant under the 2020 Stock Plan. All of the Company’s employees, officers, directors and consultants are eligible to be granted options, restricted stock units and other stock-based awards under the terms of the 2020 Stock Plan. There were 11,252,710 share-based awards available for grant at March 31, 2021. Stock-based compensation expense included in the Company’s condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2021 2020 Research and development expenses $ 4,151 $ 897 General and administrative expenses 5,520 558 $ 9,671 $ 1,455 As of March 31, 2021, total unrecognized compensation cost related to the unvested stock options was $134,829, which is expected to be recognized over a weighted average period of 2.84 years.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	8. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended March 31, 2021 2020 Net loss $ (42,184 ) $ (24,886 ) Net loss per share, basic and diluted $ (0.47 ) $ (5.99 ) Weighted average shares of common stock, basic and diluted 90,197,579 4,153,791 The Company’s potentially dilutive securities, which include Convertible Preferred Stock (prior to the IPO), options to purchase common stock, restricted stock units and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Convertible preferred stock — 59,883,877 Options to purchase common stock 8,529,232 7,389,770 Restricted stock units 357,654 — Unvested restricted stock — 453,798 8,886,886 67,727,445

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Intellectual Property License The Company has a Collaboration and License Agreement with D. E. Shaw Research, LLC (“D. E. Shaw Research”) The Company is obligated to pay potential development milestone payments under the terms of the agreement up to $7,300 per target, plus sales milestones and royalties, upon the achievement of certain specified contingent events. Such payments for achievement of development and regulatory milestones total up to $7,250 in the aggregate for each of the first three products the Company develops, and up to $6,250 in the aggregate for each product the Company develops after the first three. The Company assessed the milestone and royalty events at March 31, 2021 and concluded no such payments were due. The Company recorded research and development expense of $1,845 and $250 under this agreement for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021 and December 31, 2020, the Company had no accrued expense balance to D. E. Shaw Research and approximately $1,500, respectively, on its condensed consolidated balance sheets. Other Research 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. The Company is obligated to pay development milestone payments for up to four targets, each in the range of $4,000 to $7,000, upon the achievement of certain specified contingent events. The Company assessed the milestones at March 31, 2021 and December 31, 2020, respectively, and concluded no such milestone payments were due. The Company incurred approximately $402 and $1,195 of research and development expense under these agreements for the three months ended March 31, 2021 and 2020, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On April 15, 2021, the Company entered into an Agreement and Plan of Merger, or the Merger Agreement, to acquire ZebiAI Therapeutics, Inc. (“ZebiAI”). Pursuant to the Merger Agreement, the Company paid ZebiAI’s former stockholders, optionholders and warrant holders (“the ZebiAI Holders”) upfront consideration in an aggregate amount of approximately $85,000, excluding customary purchase price adjustments, composed of approximately $20,000 payable in cash and approximately $65,000 payable in shares of our common stock. In addition, (i) the ZebiAI Holders will be eligible to receive up to an additional $85,000 in milestone payments upon the achievement of certain platform or program-related milestones, payable in common stock and (ii) the Company will pay to the ZebiAI Holders 10% of the payments it receives within three years of the closing date of the Merger Agreement from partnering, collaboration or other agreements related to ZebiAI’s platform up to an aggregate maximum amount of $100,000, payable in cash.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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 subsidiary, Relay Therapeutics Securities Corporation. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three months ended March 31, 2021 and 2020, and the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 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, 2021 and the condensed consolidated results of its operations and cash flows for the three months ended March 31, 2021 and 2020. The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are unaudited. The condensed consolidated results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, 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 accrual of research and development and manufacturing expenses, the valuation of equity instruments, the determination of the transaction price and standalone selling price of performance obligations under Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The full extent to which the 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 Effective January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity Effective January 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2019, the FASB subsequently issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates 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 qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to use the extended transition period related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different effective dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

Fair Value of Financial Assets

Fair Value of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets 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 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 March 31, 2021: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 262,220 $ — $ — $ 262,220 Investments: US treasury bills — 233,402 — 233,402 US agency securities — 229,953 — 229,953 Total investments — 463,355 — 463,355 Total $ 262,220 $ 463,355 $ — $ 725,575 Fair Value Measurements as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 447,146 $ — $ — $ 447,146 Investments: US treasury bills — 33,026 — 33,026 US agency securities — 197,389 — 197,389 Total investments — 230,415 — 230,415 Total $ 447,146 $ 230,415 $ — $ 677,561

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S treasury bills $ 42,198 $ 10 $ — $ 42,208 U.S agency securities 48,997 9 49,006 Total investments with a maturity of one year or less 91,195 19 — 91,214 U.S treasury bills 191,234 (40 ) 191,194 U.S agency securities 180,914 33 180,947 Total investments with a maturity of one to two years 372,148 33 (40 ) 372,141 Total investments $ 463,343 $ 52 $ (40 ) $ 463,355 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Investments: U.S treasury bills $ 29,997 $ 21 $ — $ 30,018 U.S agency securities 20,996 5 — 21,001 Total investments with a maturity of one year or less 50,993 26 — 51,019 U.S treasury bills 3,008 — — 3,008 U.S agency securities 176,350 38 — 176,388 Total investments with a maturity of one to two years 179,358 38 — 179,396 Total investments $ 230,351 $ 64 $ — $ 230,415

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Research and development expenses $ 4,151 $ 897 General and administrative expenses 5,520 558 $ 9,671 $ 1,455

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Net loss $ (42,184 ) $ (24,886 ) Net loss per share, basic and diluted $ (0.47 ) $ (5.99 ) Weighted average shares of common stock, basic and diluted 90,197,579 4,153,791
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Convertible preferred stock — 59,883,877 Options to purchase common stock 8,529,232 7,389,770 Restricted stock units 357,654 — Unvested restricted stock — 453,798 8,886,886 67,727,445

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 446,412	$ 404,228

Fair Value of Financial Asset_2

Fair Value of Financial Assets - Summary of Financial Assets Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy (Detail) - Fair value on a recurring basis [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments:
Total	$ 725,575	$ 677,561
Investments [Member]
Investments:
Total investments	463,355	230,415
Investments [Member] | US treasury bills [Member]
Investments:
Total investments	233,402	33,026
Investments [Member] | US agency securities [Member]
Investments:
Total investments	229,953	197,389
Cash equivalents [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	262,220	447,146
Level 1 [Member]
Investments:
Total	262,220	447,146
Level 1 [Member] | Cash equivalents [Member] | Money market funds [Member]
Cash equivalents:
Assets, fair value	262,220	447,146
Level 2 [Member]
Investments:
Total	463,355	230,415
Level 2 [Member] | Investments [Member]
Investments:
Total investments	463,355	230,415
Level 2 [Member] | Investments [Member] | US treasury bills [Member]
Investments:
Total investments	233,402	33,026
Level 2 [Member] | Investments [Member] | US agency securities [Member]
Investments:
Total investments	$ 229,953	$ 197,389

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, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 463,343	$ 230,351
Unrealized Gains	52	64
Unrealized Losses	(40)
Fair Value	463,355	230,415
Investments with a maturity of one year or less [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	91,195	50,993
Unrealized Gains	19	26
Fair Value	91,214	51,019
Investments with a maturity of one to two years [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	372,148	179,358
Unrealized Gains	33	38
Unrealized Losses	(40)
Fair Value	372,141	179,396
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	42,198	29,997
Unrealized Gains	10	21
Fair Value	42,208	30,018
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	191,234	3,008
Unrealized Losses	(40)
Fair Value	191,194	3,008
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	48,997	20,996
Unrealized Gains	9	5
Fair Value	49,006	21,001
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	180,914	176,350
Unrealized Gains	33	38
Fair Value	$ 180,947	$ 176,388

Collaboration and License Arr_2

Collaboration and License Arrangement with Genentech - Additional Information (Detail) - USD ($)	May 13, 2021	Mar. 31, 2021	Dec. 31, 2020
Collaboration And License Arrangement [Line Items]
Collaboration revenue		$ 952,000
Contract asset		$ 8,606,000	$ 7,654,000
Genentech [Member] | Genentech Agreement [Member]
Collaboration And License Arrangement [Line Items]
Collaborative arrangement, purpose		On December 11, 2020, the Company entered into the Genentech Agreement, which granted Genentech a license to develop and commercialize RLY-1971
Collaborative arrangement, rights and obligations		Unless Genentech elects to exercise its option to conduct the remainder of the ongoing Phase 1a Trial, the Company is responsible for the completion of this trial. Genentech is responsible for conducting all subsequent clinical development of RLY-1971. The Company is also responsible for the one-time transfer of the active pharmaceutical ingredient (“API”) and other materials related to RLY-1971 to Genentech.
Non-refundable upfront payment		$ 75,000,000
Milestone payment receivable		20,000,000
Maximum additional amount received upon milestone achievement		695,000,000
Collaboration agreement transaction price		85,720,000
Non-refundable milestone payment for completion amount		5,000,000
Variable consideration related to reimbursements due for research and development services		720,000
Development based milestone payments under agreement		0
Regulatory based milestone payments under agreement		0
Genentech [Member] | Genentech Agreement [Member] | Research and Development Services [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue		778,000
Genentech [Member] | Genentech Agreement [Member] | Transfer of Active Pharmaceutical Ingredients [Member]
Collaboration And License Arrangement [Line Items]
Collaboration revenue		317,000	$ 0
Contract asset		8,606,000
Genentech [Member] | Genentech Agreement [Member] | Stand-alone Selling Prices (“SSP”) [Member]
Collaboration And License Arrangement [Line Items]
Collaboration agreement transaction price		85,720,000
Genentech [Member] | Genentech Agreement [Member] | Stand-alone Selling Prices (“SSP”) [Member] | Transfer of License [Member]
Collaboration And License Arrangement [Line Items]
Remaining performance obligations		82,512,000,000
Genentech [Member] | Genentech Agreement [Member] | Stand-alone Selling Prices (“SSP”) [Member] | Research and Development Services [Member]
Collaboration And License Arrangement [Line Items]
Remaining performance obligations		2,891,000,000
Genentech [Member] | Genentech Agreement [Member] | Stand-alone Selling Prices (“SSP”) [Member] | Transfer of Active Pharmaceutical Ingredients [Member]
Collaboration And License Arrangement [Line Items]
Remaining performance obligations		317,000,000
Genentech [Member] | Genentech Agreement [Member] | Outside US [Member]
Collaboration And License Arrangement [Line Items]
Maximum additional amount received upon milestone achievement		$ 410,000,000
Genentech [Member] | Genentech Agreement [Member] | Subsequent Event [Member]
Collaboration And License Arrangement [Line Items]
Non-refundable milestone payment transfer amount	$ 5,000,000

Common Stock - Additional Infor

Common Stock - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Common Stock [Abstract]
Common Stock Restriction Period	4 years

Share-Based Payments - Addition

Share-Based Payments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Jul. 08, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Number of Shares Authorized	11,252,710	8,376,080
Total unrecognized compensation cost related to the unvested stock options, Value	$ 134,829
Total unrecognized compensation cost related to the unvested stock options, Weighted average period	2 years 10 months 2 days

Share-Based Payments - Schedule

Share-Based Payments - 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, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 9,671	$ 1,455
Research and development expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,151	897
General and administrative expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,520	$ 558

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, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (42,184)	$ (24,886)
Net loss per share, basic and diluted	$ (0.47)	$ (5.99)
Weighted average shares of common stock, basic and diluted	90,197,579	4,153,791

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, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	8,886,886	67,727,445
Convertible preferred stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect		59,883,877
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	8,529,232	7,389,770
Restricted stock units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect	357,654
Unvested restricted stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect		453,798

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 15, 2020USD ($)	Mar. 31, 2021USD ($)Targetshares	Mar. 31, 2020USD ($)	May 12, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		$ 30,622,000	$ 21,700,000
Accrued expenses		8,867,000			$ 5,760,000
DE Shaw Research [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		1,845,000	250,000
Accrued expenses		0			1,500,000
Prepaid balance		$ 1,307,000			0
DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Outstanding convertible preferred stock converted into common shares | shares		3,281,253
Research and development arrangement, term of contract		3 years
Research and development arrangement, annual fee	$ 7,900,000			$ 7,900,000		$ 1,000,000
Research and development arrangement, expiration date	Aug. 16, 2025
Milestone payment Due		$ 7,250,000
Maximum additional amount received upon milestone achievement		6,250,000
DE Shaw Research [Member] | Lease Agreement
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due		0
Other Third Parties [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development expense		402,000	$ 1,195,000
Other Third Parties [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Milestone payment Due		$ 0			$ 0
Number of milestone targets | Target		4
Maximum [Member] | DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Agreement renewal period		1 year
Potential development milestone payments		$ 7,300,000
Maximum [Member] | Other Third Parties [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Potential development milestone payments		7,000,000
Minimum [Member] | Other Third Parties [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Potential development milestone payments		$ 4,000,000
Subsequent Event [Member] | DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Research and development arrangement, annual fee				$ 9,875,000
Series A Preferred Stock [Member] | DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Shares held | shares						9,999,999
Series C Preferred Stock [Member] | DE Shaw Research [Member] | License Agreement Terms [Member]
Commitments and Contingencies Disclosure [Line Items]
Shares held | shares						1,557,875

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - ZebiAI Therapeutics, Inc. [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Subsequent Event [Line Items]
Upfront consideration payable	$ 85,000
Purchase price adjustments payable in cash	20,000
Milestone payments	$ 85,000
Percentage of payment related to collaboration or other agreements	10.00%
Payment related to collaboration or other agreements	$ 100,000
Common Stock [Member]
Subsequent Event [Line Items]
Purchase price adjustments payable in shares	$ 65,000