Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | VOR BIOPHARMA INC. | |
Entity Central Index Key | 0001817229 | |
Entity File Number | 001-39979 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1591163 | |
Entity Address, Address Line One | 100 Cambridgepark Drive | |
Entity Address, Address Line Two | Suite 101 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02140 | |
City Area Code | 617 | |
Local Phone Number | 655-6580 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 38,056,306 | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | VOR | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 62,952 | $ 119,801 |
Marketable securities | 88,136 | 87,668 |
Prepaid expenses | 5,467 | 4,836 |
Other current assets | 2,288 | 2,094 |
Total current assets | 158,843 | 214,399 |
Restricted cash equivalents | 2,413 | 2,413 |
Property and equipment, net | 14,832 | 6,853 |
Operating lease right-of-use assets | 46,142 | 15,670 |
Other assets | 2,385 | 3,255 |
Total assets | 224,615 | 242,590 |
Current liabilities: | ||
Accounts payable | 1,268 | 1,545 |
Accrued liabilities | 6,286 | 6,335 |
Operating lease liabilities | 4,429 | 1,839 |
Other current liabilities | 279 | 434 |
Total current liabilities | 12,262 | 10,153 |
Long-term liabilities: | ||
Operating lease liabilities—non-current | 37,379 | 16,174 |
Total liabilities | 49,641 | 26,327 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 37,644,288 and 37,375,428 shares issued and 37,506,236 and 37,174,741 outstanding as of June 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 350,815 | 346,382 |
Accumulated other comprehensive loss | (1,326) | |
Accumulated deficit | (174,519) | (130,123) |
Total stockholders' equity | 174,974 | 216,263 |
Total liabilities and stockholders' equity | $ 224,615 | $ 242,590 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 37,644,288 | 37,375,428 |
Common stock, shares outstanding | 37,506,236 | 37,174,741 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 15,333 | $ 12,970 | $ 30,613 | $ 21,911 |
General and administrative | 6,459 | 5,410 | 13,979 | 10,199 |
Total operating expenses | 21,792 | 18,380 | 44,592 | 32,110 |
Loss from operations | (21,792) | (18,380) | (44,592) | (32,110) |
Other income: | ||||
Interest income | 133 | 10 | 196 | 17 |
Total other income | 133 | 10 | 196 | 17 |
Net loss | (21,659) | (18,370) | (44,396) | (32,093) |
Cumulative dividends on redeemable convertible preferred stock | (1,228) | |||
Net loss attributable to common stockholders | $ (21,659) | $ (18,370) | $ (44,396) | $ (33,321) |
Net loss per share attributable to common stockholders, basic | $ (0.58) | $ (0.50) | $ (1.19) | $ (1.13) |
Net loss per share attributable to common stockholders, diluted | $ (0.58) | $ (0.50) | $ (1.19) | $ (1.13) |
Weighted Average Number of Shares Outstanding, Basic | 37,437,063 | 36,843,087 | 37,365,647 | 29,593,814 |
Weighted Average Number of Shares Outstanding, Diluted | 37,437,063 | 36,843,087 | 37,365,647 | 29,593,814 |
Other comprehensive loss: | ||||
Unrealized loss on available for sale investments | $ (254) | $ (1,326) | ||
Total other comprehensive loss | (254) | (1,326) | ||
Comprehensive loss attributable to common stockholders | $ (21,913) | $ (18,370) | $ (45,722) | $ (33,321) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive loss | Accumulated Deficit | Series A-1 Redeemable Convertible Preferred Stock | Series A-2 Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock |
Beginning Balance at Dec. 31, 2020 | $ (59,065) | $ 1 | $ 2,158 | $ (61,224) | ||||
Beginning Balance, Shares at Dec. 31, 2020 | 505,074 | |||||||
Beginning Balance at Dec. 31, 2020 | $ 2 | $ 42,786 | $ 64,548 | |||||
Beginning Balance, Shares at Dec. 31, 2020 | 20,000,000 | 107,194,866 | 124,519,220 | |||||
Issuance of redeemable convertible preferred stock | $ 45,375 | |||||||
Issuance of redeemable convertible preferred stock, Shares | 87,259,605 | |||||||
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering | $ (2) | $ (42,786) | $ (109,923) | |||||
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares | (20,000,000) | (107,194,866) | (211,778,825) | |||||
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering | 152,711 | $ 2 | 152,709 | |||||
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares | 24,924,501 | |||||||
Issuance of common stock upon closing of initial public offering, net of offering costs and underwriter fees of $17,132 | 186,308 | $ 1 | 186,307 | |||||
Issuance of common stock upon closing of initial public offering, net of offering costs and underwriter fees, Shares | 11,302,219 | |||||||
Issuance of common stock upon vesting and exercise of stock options | 65 | 65 | ||||||
Issuance of common stock upon vesting and exercise of stock options, Shares | 38,216 | |||||||
Stock-based compensation expense | 891 | 891 | ||||||
Net loss | (13,723) | (13,723) | ||||||
Ending Balance at Mar. 31, 2021 | 267,187 | $ 4 | 342,130 | (74,947) | ||||
Ending Balance, Shares at Mar. 31, 2021 | 36,770,010 | |||||||
Beginning Balance at Dec. 31, 2020 | (59,065) | $ 1 | 2,158 | (61,224) | ||||
Beginning Balance, Shares at Dec. 31, 2020 | 505,074 | |||||||
Beginning Balance at Dec. 31, 2020 | $ 2 | $ 42,786 | $ 64,548 | |||||
Beginning Balance, Shares at Dec. 31, 2020 | 20,000,000 | 107,194,866 | 124,519,220 | |||||
Net loss | (32,093) | |||||||
Ending Balance at Jun. 30, 2021 | 250,108 | $ 4 | 343,421 | (93,317) | ||||
Ending Balance, Shares at Jun. 30, 2021 | 36,885,372 | |||||||
Beginning Balance at Mar. 31, 2021 | 267,187 | $ 4 | 342,130 | (74,947) | ||||
Beginning Balance, Shares at Mar. 31, 2021 | 36,770,010 | |||||||
Issuance of common stock upon vesting and exercise of stock options | 224 | 224 | ||||||
Issuance of common stock upon vesting and exercise of stock options, Shares | 115,362 | |||||||
Stock-based compensation expense | 1,067 | 1,067 | ||||||
Net loss | (18,370) | (18,370) | ||||||
Ending Balance at Jun. 30, 2021 | 250,108 | $ 4 | 343,421 | (93,317) | ||||
Ending Balance, Shares at Jun. 30, 2021 | 36,885,372 | |||||||
Beginning Balance at Dec. 31, 2021 | $ 216,263 | $ 4 | 346,382 | $ 0 | (130,123) | |||
Beginning Balance, Shares at Dec. 31, 2021 | 37,174,741 | 37,174,741 | ||||||
Issuance of common stock upon vesting and exercise of stock options | $ 247 | 247 | ||||||
Issuance of common stock upon vesting and exercise of stock options, Shares | 161,573 | |||||||
Stock-based compensation expense | 1,746 | 1,746 | ||||||
Other comprehensive loss | (1,072) | (1,072) | ||||||
Net loss | (22,737) | (22,737) | ||||||
Ending Balance at Mar. 31, 2022 | 194,447 | $ 4 | 348,375 | (1,072) | (152,860) | |||
Ending Balance, Shares at Mar. 31, 2022 | 37,336,314 | |||||||
Beginning Balance at Dec. 31, 2021 | $ 216,263 | $ 4 | 346,382 | 0 | (130,123) | |||
Beginning Balance, Shares at Dec. 31, 2021 | 37,174,741 | 37,174,741 | ||||||
Other comprehensive loss | $ (1,326) | |||||||
Net loss | (44,396) | |||||||
Ending Balance at Jun. 30, 2022 | $ 174,974 | $ 4 | 350,815 | (1,326) | (174,519) | |||
Ending Balance, Shares at Jun. 30, 2022 | 37,506,236 | 37,506,236 | ||||||
Beginning Balance at Mar. 31, 2022 | $ 194,447 | $ 4 | 348,375 | (1,072) | (152,860) | |||
Beginning Balance, Shares at Mar. 31, 2022 | 37,336,314 | |||||||
Issuance of common stock upon vesting and exercise of stock options | 146 | 146 | ||||||
Issuance of common stock upon vesting and exercise of stock options, Shares | 74,358 | |||||||
Issuance of common stock from open market sales agreeement | 553 | 553 | ||||||
Issuance of common stock from open market sales agreeement, Shares | 95,564 | |||||||
Stock-based compensation expense | 1,741 | 1,741 | ||||||
Other comprehensive loss | (254) | (254) | ||||||
Net loss | (21,659) | (21,659) | ||||||
Ending Balance at Jun. 30, 2022 | $ 174,974 | $ 4 | $ 350,815 | $ (1,326) | $ (174,519) | |||
Ending Balance, Shares at Jun. 30, 2022 | 37,506,236 | 37,506,236 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common shares upon closing of initial public offering, offering costs and underwriter fees | $ 17,132 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (44,396) | $ (32,093) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation expense | 1,001 | 665 |
Non-cash lease expense | 2,512 | 1,504 |
Stock-based compensation | 3,487 | 1,958 |
Other | 120 | 4 |
Changes in operating assets and liabilities: | ||
Operating lease liability | (8,238) | (1,141) |
Prepaid expenses and other current assets | (728) | (4,064) |
Accounts payable and accrued liabilities | (1,473) | (762) |
Other assets | (181) | (285) |
Net cash used in operating activities | (47,896) | (34,214) |
Cash flow from investing activities | ||
Purchases of marketable securities | (5,044) | (75,122) |
Proceed from maturities of marketable securities | 3,130 | |
Purchases of property and equipment | (7,843) | (2,090) |
Net cash used in investing activities | (9,757) | (77,212) |
Cash flow from financing activities | ||
Proceeds from issuance of redeemable convertible preferred stock | 45,375 | |
Proceeds from the issuance of common stock upon closing of initial public offering, net of underwriter fees | 189,199 | |
Payment of initial public offering costs | (2,215) | |
Proceeds from the issuance of common stock from open market sales agreeement | 504 | |
Proceeds from stock option exercises | 300 | 44 |
Net cash provided by financing activities | 804 | 232,403 |
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents | (56,849) | 120,977 |
Cash, cash equivalents and restricted cash equivalents, beginning of period | 122,214 | 50,098 |
Cash, cash equivalents and restricted cash equivalents, end of period | 65,365 | 171,075 |
Supplemental disclosure of non-cash activities | ||
Lease incentive paid by the landlord on behalf of the Company | 7,927 | |
Operating right-of-use assets and operating lease liability recorded upon lease commencement | 23,376 | 35 |
Purchases of property and equipment in accounts payable and accrued liabilities | $ 1,331 | 142 |
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering | $ 152,711 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 62,952 | $ 119,801 | $ 169,516 | |
Restricted cash equivalents | 2,413 | 2,413 | 1,559 | |
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows | $ 65,365 | $ 122,214 | $ 171,075 | $ 50,098 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of the Business | 1. Nature of the Business Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015 . Risks and Uncertainties The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, geopolitical tensions, adverse macroeconomic conditions and the need to obtain additional financing. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities at June 30, 2022 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). During the six months ended June 30, 2022, other than the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as discussed below, and addition of the cloud computing arrangement accounting policy, there have been no changes to the Company’s significant accounting policies as described in the 2021 Annual Report. Measurement of Credit Losses For financial assets measured at fair value through other comprehensive loss, the Company must record an allowance for credit losses at the end of each reporting period in the condensed consolidated statement of operations. When developing an estimate of expected credit losses on financial assets, the Company will consider available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both, relating to past events, current conditions, and reasonable and supportable forecasts for financial asset pools. The Company’s investment in corporate bonds and U.S. treasury securities, reported as available-for-sale investments, and the associated accrued interest reported as other current assets on the condensed consolidated balance sheets, is the only financial asset pool. The financial asset pool was determined by the type of financial asset instrument and its credit quality. Management does not expect a credit loss with this financial asset pool and determined an allowance was not required based on the issuers' current high quality credit ratings and the lack of default history on its obligations. Cloud Computing Arrangements The Company capitalizes implementation costs for cloud computing arrangement service contracts. The Company’s cloud computing arrangements relate to its enterprise resource planning and manufacturing software. These assets are classified as software and included in property and equipment, net in the consolidated balance sheets and are amortized on a straight-line basis over their assessed useful life beginning when the contract is ready for its intended use. The estimated useful lives of these assets is three years and are subject to the Company’s existing Impairment of Long-Lived Assets accounting policy as described in the 2021 Annual Report. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which has been subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03 (“ASU 2016-13”). This standard requires that credit losses be recorded using an expected losses model rather than the incurred losses model that was previously used and establishes additional credit risk disclosures associated with financial assets. The adoption of this standard on January 1, 2022, did no t have a significant impact on the Company’s financial statements. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less Corporate bonds $ 9,436 $ — $ ( 110 ) $ 9,326 U.S. Treasuries 80,026 — ( 1,216 ) 78,810 Total $ 89,462 $ — $ ( 1,326 ) $ 88,136 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less Corporate bonds $ 7,603 $ — $ — $ 7,603 U.S. Treasuries 30,119 — — 30,119 Maturing after one year through five years Corporate bonds 5,006 — — 5,006 U.S. Treasuries 44,940 — — 44,940 Total $ 87,668 $ — $ — $ 87,668 The unrealized losses of the Company’s marketable securities above were a result of market interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than par value. The Company’s intent is to hold the investments until their maturity and any change in fair value that is not credit related is recognized as other comprehensive income (loss), net of applicable taxes. A credit-related impairment is recognized as an allowance to the balance sheet with a corresponding adjustment to earnings. The Company did no t recognize any credit losses related to marketable securities for the six months ended June 30, 2022 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 61,952 $ — $ — $ 61,952 Marketable securities Corporate bonds — 9,326 — 9,326 U.S. Treasuries — 78,810 — 78,810 Total marketable securities — 88,136 — 88,136 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 64,365 $ 88,136 $ — $ 152,501 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 95,339 $ — $ — $ 95,339 Marketable securities Corporate bonds — 12,609 — 12,609 U.S. Treasuries — 75,059 — 75,059 Total marketable securities — 87,668 — 87,668 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 97,752 $ 87,668 $ — $ 185,420 The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels from the year ended December 31, 2021 . |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2022 2021 Computer equipment and software $ 1,715 $ 317 Laboratory equipment 9,540 8,457 Manufacturing equipment 4,861 — Other 567 163 Construction in progress 1,234 — Total 17,917 8,937 Less: Accumulated depreciation ( 3,085 ) ( 2,084 ) Property and equipment, net $ 14,832 $ 6,853 Depreciation expense for the three and six months ended June 30, 2022 was $ 0.6 million and $ 1.0 million, respectively, and for the three and six months ended June 30, 2021 was $ 0.4 million and $ 0.7 million, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 6. Accrued Liabilities Accrued liabilities consisted of the following: June 30, December 31, (in thousands) 2022 2021 Employee-related and other expenses $ 2,609 $ 4,178 Research and development expenses 2,012 797 Professional fees 1,321 743 Property and equipment 255 — Other 89 617 Total accrued liabilities $ 6,286 $ 6,335 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation Stock Incentive Plan As of June 30, 2022, the Company had 1,909,837 shares of its common stock available for future issuance under its stock incentive plan. Stock Options The Company’s stock options generally vest over 48 months with 25 % vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fair value of common stock $ 4.37 $ 23.38 $ 8.30 $ 22.66 Expected term (in years) 5.6 6.1 6.0 6.0 Expected volatility 79.8 % 79.7 % 78.4 % 79.7 % Risk-free interest rate 3.4 % 1.1 % 1.8 % 0.8 % Dividend yield — — — — During the six months ended June 30, 2022 and 2021, the Company granted stock options to purchase 1,948,264 shares and 478,434 shares of its common stock, respectively, with a weighted-average grant-date fair value of $ 5.65 and $ 15.40 per share, respectively. As of June 30, 2022, total unrecognized compensation expense related to stock options was $ 17.3 million , which is expected to be recognized over a weighted-average period of 2.58 years. As of June 30, 2022, options for 138,052 shares of Company common stock with a weighted average exercise price of $ 2.02 were exercised and unvested. The underlying proceeds from the unvested exercises of $ 0.3 million is recorded in other current liabilities on the condensed consolidated balance sheet. Restricted Stock Units During the six months ended June 30, 2022, the Company granted 1,040,500 restricted stock units with a weighted average grant date fair value of $ 6.00 per share. As of June 30, 2022, total unrecognized compensation expense related to restricted stock units was $ 6.1 million , which is expected to be recognized over a weighted-average period of 0.98 years. The Company did no t grant any restricted stock units during the six months ended June 30, 2021. Stock-Based Compensation Stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 909 $ 542 $ 1,705 $ 991 General and administrative 832 525 1,782 967 Total stock-based compensation expense $ 1,741 $ 1,067 $ 3,487 $ 1,958 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases Cambridgepark Lease Amendments On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”). The First Lease Amendment and Second Lease Amendment commenc ed for accounting purposes on January 28, 2022 and April 29, 2022 , respectively. The terms of the Lease Amendments are through September 2030 for approximately $ 8.4 million and $ 22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments. Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $ 2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents. For further information regarding the Company’s Cambridgepark lease, please see Note 10 to the consolidated financial statements included in the 2021 Annual Report. The elements of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,592 $ 757 $ 2,512 $ 1,504 Short-term lease cost — — — 52 Variable lease cost 301 312 642 434 Total lease cost $ 1,893 $ 1,069 $ 3,154 $ 1,990 Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows: (in thousands except weighted-average amounts) June 30, 2022 December 31, 2021 Assets Operating lease right-of-use assets $ 46,142 $ 15,670 Liabilities Operating lease liabilities, current $ 4,429 $ 1,839 Operating lease liabilities, non-current 37,379 16,174 Total lease liabilities $ 41,808 $ 18,013 Weighted Average Lease Term and Discount Rate Weighted-average remaining lease term (years) 8.2 8.64 Weighted-average discount rate 8.2 % 9.4 % The following table represents other lease activity: Six Months Ended June 30, (in thousands) 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 8,522 $ 1,141 Right-of-use assets obtained in exchange for lease obligations $ 31,904 $ 35 |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2022 | |
Significant Agreements [Abstract] | |
Significant Agreements | 9. Significant Agreements Since December 31, 2021, there have been no material changes to the key terms of the Company’s license agreements. For further information regarding the Company’s existing license agreements, please see Note 11 to the consolidated financial statements included in the 2021 Annual Report. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2022 2021 2022 2021 Numerator: Net loss $ ( 21,659 ) $ ( 18,370 ) $ ( 44,396 ) $ ( 32,093 ) Cumulative dividends on redeemable convertible preferred stock — — — ( 1,228 ) Net loss attributable to common stockholders $ ( 21,659 ) $ ( 18,370 ) $ ( 44,396 ) $ ( 33,321 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 37,437,063 36,843,087 37,365,647 29,593,814 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.58 ) $ ( 0.50 ) $ ( 1.19 ) $ ( 1.13 ) As of the three and six months ended June 30, 2022 and 2021, the Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. The Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of June 30, 2022 2021 Options to purchase common stock 5,893,016 5,141,794 Unvested restricted stock 138,052 257,578 Restricted stock units 1,040,500 — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to its initial public offering); accrued expenses and research and development expenses. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). During the six months ended June 30, 2022, other than the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as discussed below, and addition of the cloud computing arrangement accounting policy, there have been no changes to the Company’s significant accounting policies as described in the 2021 Annual Report. |
Measurement of Credit Losses | Measurement of Credit Losses For financial assets measured at fair value through other comprehensive loss, the Company must record an allowance for credit losses at the end of each reporting period in the condensed consolidated statement of operations. When developing an estimate of expected credit losses on financial assets, the Company will consider available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both, relating to past events, current conditions, and reasonable and supportable forecasts for financial asset pools. The Company’s investment in corporate bonds and U.S. treasury securities, reported as available-for-sale investments, and the associated accrued interest reported as other current assets on the condensed consolidated balance sheets, is the only financial asset pool. The financial asset pool was determined by the type of financial asset instrument and its credit quality. Management does not expect a credit loss with this financial asset pool and determined an allowance was not required based on the issuers' current high quality credit ratings and the lack of default history on its obligations. |
Cloud Computing Arrangements | Cloud Computing Arrangements The Company capitalizes implementation costs for cloud computing arrangement service contracts. The Company’s cloud computing arrangements relate to its enterprise resource planning and manufacturing software. These assets are classified as software and included in property and equipment, net in the consolidated balance sheets and are amortized on a straight-line basis over their assessed useful life beginning when the contract is ready for its intended use. The estimated useful lives of these assets is three years and are subject to the Company’s existing Impairment of Long-Lived Assets accounting policy as described in the 2021 Annual Report. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 , Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which has been subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03 (“ASU 2016-13”). This standard requires that credit losses be recorded using an expected losses model rather than the incurred losses model that was previously used and establishes additional credit risk disclosures associated with financial assets. The adoption of this standard on January 1, 2022, did no t have a significant impact on the Company’s financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity | The amortized cost and estimated fair value of marketable securities, by contractual maturity are as follows: June 30, 2022 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less Corporate bonds $ 9,436 $ — $ ( 110 ) $ 9,326 U.S. Treasuries 80,026 — ( 1,216 ) 78,810 Total $ 89,462 $ — $ ( 1,326 ) $ 88,136 December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Maturing in one year or less Corporate bonds $ 7,603 $ — $ — $ 7,603 U.S. Treasuries 30,119 — — 30,119 Maturing after one year through five years Corporate bonds 5,006 — — 5,006 U.S. Treasuries 44,940 — — 44,940 Total $ 87,668 $ — $ — $ 87,668 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 61,952 $ — $ — $ 61,952 Marketable securities Corporate bonds — 9,326 — 9,326 U.S. Treasuries — 78,810 — 78,810 Total marketable securities — 88,136 — 88,136 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 64,365 $ 88,136 $ — $ 152,501 December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 95,339 $ — $ — $ 95,339 Marketable securities Corporate bonds — 12,609 — 12,609 U.S. Treasuries — 75,059 — 75,059 Total marketable securities — 87,668 — 87,668 Restricted cash equivalents Money market funds 2,413 — — 2,413 Total $ 97,752 $ 87,668 $ — $ 185,420 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2022 2021 Computer equipment and software $ 1,715 $ 317 Laboratory equipment 9,540 8,457 Manufacturing equipment 4,861 — Other 567 163 Construction in progress 1,234 — Total 17,917 8,937 Less: Accumulated depreciation ( 3,085 ) ( 2,084 ) Property and equipment, net $ 14,832 $ 6,853 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, (in thousands) 2022 2021 Employee-related and other expenses $ 2,609 $ 4,178 Research and development expenses 2,012 797 Professional fees 1,321 743 Property and equipment 255 — Other 89 617 Total accrued liabilities $ 6,286 $ 6,335 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted | The weighted-average assumptions used principally in determining the fair value of options granted were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Fair value of common stock $ 4.37 $ 23.38 $ 8.30 $ 22.66 Expected term (in years) 5.6 6.1 6.0 6.0 Expected volatility 79.8 % 79.7 % 78.4 % 79.7 % Risk-free interest rate 3.4 % 1.1 % 1.8 % 0.8 % Dividend yield — — — — |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Research and development $ 909 $ 542 $ 1,705 $ 991 General and administrative 832 525 1,782 967 Total stock-based compensation expense $ 1,741 $ 1,067 $ 3,487 $ 1,958 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Expense | The elements of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Operating lease cost $ 1,592 $ 757 $ 2,512 $ 1,504 Short-term lease cost — — — 52 Variable lease cost 301 312 642 434 Total lease cost $ 1,893 $ 1,069 $ 3,154 $ 1,990 |
Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information | Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows: (in thousands except weighted-average amounts) June 30, 2022 December 31, 2021 Assets Operating lease right-of-use assets $ 46,142 $ 15,670 Liabilities Operating lease liabilities, current $ 4,429 $ 1,839 Operating lease liabilities, non-current 37,379 16,174 Total lease liabilities $ 41,808 $ 18,013 Weighted Average Lease Term and Discount Rate Weighted-average remaining lease term (years) 8.2 8.64 Weighted-average discount rate 8.2 % 9.4 % |
Summary of Other Lease Activity | The following table represents other lease activity: Six Months Ended June 30, (in thousands) 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 8,522 $ 1,141 Right-of-use assets obtained in exchange for lease obligations $ 31,904 $ 35 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2022 2021 2022 2021 Numerator: Net loss $ ( 21,659 ) $ ( 18,370 ) $ ( 44,396 ) $ ( 32,093 ) Cumulative dividends on redeemable convertible preferred stock — — — ( 1,228 ) Net loss attributable to common stockholders $ ( 21,659 ) $ ( 18,370 ) $ ( 44,396 ) $ ( 33,321 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 37,437,063 36,843,087 37,365,647 29,593,814 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.58 ) $ ( 0.50 ) $ ( 1.19 ) $ ( 1.13 ) |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | As of the three and six months ended June 30, 2022 and 2021, the Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. The Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: As of June 30, 2022 2021 Options to purchase common stock 5,893,016 5,141,794 Unvested restricted stock 138,052 257,578 Restricted stock units 1,040,500 — |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Nature Of Business [Line Items] | |
Incorporation date | Dec. 30, 2015 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Accounting standards update [Extensible list] | us-gaap:AccountingStandardsUpdate201613Member |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 89,462 | $ 87,668 |
Gross Unrealized Holding losses | (1,326) | |
Fair Value | 88,136 | 87,668 |
Maturing in One Year or Less | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,436 | 7,603 |
Gross Unrealized Holding losses | (110) | |
Fair Value | 9,326 | 7,603 |
Maturing in One Year or Less | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 80,026 | 30,119 |
Gross Unrealized Holding losses | (1,216) | |
Fair Value | $ 78,810 | 30,119 |
Maturing after One Year through Five Years | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 5,006 | |
Fair Value | 5,006 | |
Maturing after One Year through Five Years | U.S. Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 44,940 | |
Fair Value | $ 44,940 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Credit losses related to marketable securities | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 152,501 | $ 185,420 |
Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 88,136 | 87,668 |
Marketable Securities | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,326 | 12,609 |
Marketable Securities | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 78,810 | 75,059 |
Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 61,952 | 95,339 |
Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 2,413 | 2,413 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 64,365 | 97,752 |
Level 1 | Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 61,952 | 95,339 |
Level 1 | Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 2,413 | 2,413 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 88,136 | 87,668 |
Level 2 | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 88,136 | 87,668 |
Level 2 | Marketable Securities | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 9,326 | 12,609 |
Level 2 | Marketable Securities | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 78,810 | $ 75,059 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets, level 1 to level 2 transfers amount | $ 0 |
Fair value assets, level 2 to level 1 transfers amount | 0 |
Fair value assets, transfers into level 3 | 0 |
Fair value assets, transfers out of level 3 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total | $ 17,917 | $ 8,937 |
Less: Accumulated depreciation | (3,085) | (2,084) |
Property and equipment, net | 14,832 | 6,853 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Total | 1,715 | 317 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 9,540 | 8,457 |
Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total | 4,861 | |
Other | ||
Property Plant And Equipment [Line Items] | ||
Total | 567 | $ 163 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total | $ 1,234 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 600 | $ 400 | $ 1,001 | $ 665 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Employee-related and other expenses | $ 2,609 | $ 4,178 |
Research and development expenses | 2,012 | 797 |
Professional fees | 1,321 | 743 |
Property and equipment | 255 | |
Other | 89 | 617 |
Total accrued expenses | $ 6,286 | $ 6,335 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | ||
Gross proceeds from stock issued | $ 45,375 | |
Series B | ||
Class Of Stock [Line Items] | ||
Redeemable convertible preferred stock, issued and sold | 87,259,605 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | 1,948,264 | 478,434 | ||
Weighted-average grant-date fair value of options granted | $ 5.65 | $ 15.40 | ||
Unrecognized compensation expense related to stock options | $ 17.3 | $ 17.3 | ||
Unrecognized share based compensation expense, recognition period | 2 years 6 months 29 days | |||
Number unvested options | 138,052 | 138,052 | ||
Weighted average exercise price of options exercised and unvested | $ 2.02 | $ 2.02 | ||
Proceeds from unvested options exercises | $ 0.3 | $ 0.3 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rights description | vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years | |||
Vesting period | 48 months | |||
Contractual term | 10 years | |||
Weighted-average grant-date fair value of options granted | $ 4.37 | $ 23.38 | $ 8.30 | $ 22.66 |
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized share based compensation expense, recognition period | 11 months 23 days | |||
Restricted stock units granted | 1,040,500 | 0 | ||
Weighted average grant date fair value of restricted stock, granted | $ 6 | |||
Unrecognized compensation expense related to related to restricted stock units | $ 6.1 | $ 6.1 | ||
Tranche One | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Vesting percentage | 25% | |||
Tranche Two | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
2021 Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future issuance | 1,909,837 | 1,909,837 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 5.65 | $ 15.40 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 4.37 | $ 23.38 | $ 8.30 | $ 22.66 |
Expected term (in years) | 5 years 7 months 6 days | 6 years 1 month 6 days | 6 years | 6 years |
Expected volatility | 79.80% | 79.70% | 78.40% | 79.70% |
Risk-free interest rate | 3.40% | 1.10% | 1.80% | 0.80% |
Dividend yield | 0% | 0% | 0% | 0% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,741 | $ 1,067 | $ 3,487 | $ 1,958 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 909 | 542 | 1,705 | 991 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 832 | $ 525 | $ 1,782 | $ 967 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Apr. 29, 2022 | Jan. 28, 2022 | Jun. 30, 2022 | |
Lessee Lease Description [Line Items] | |||
Lessee, Operating Lease, Existence of Option to Extend [true false] | false | ||
Standby Letters of Credit | |||
Lessee Lease Description [Line Items] | |||
Increase in irrevocable line of credit facility | $ 2.4 | ||
First Lease Amendment | |||
Lessee Lease Description [Line Items] | |||
Operating lease commencement date | Jan. 28, 2022 | ||
Aggregate total fixed rent payments | $ 8.4 | ||
Second Lease Amendment | |||
Lessee Lease Description [Line Items] | |||
Operating lease commencement date | Apr. 29, 2022 | ||
Aggregate total fixed rent payments | $ 22.3 |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,592 | $ 757 | $ 2,512 | $ 1,504 |
Short-term lease cost | 52 | |||
Variable lease cost | 301 | 312 | 642 | 434 |
Total lease cost | $ 1,893 | $ 1,069 | $ 3,154 | $ 1,990 |
Leases - Summary of Amounts Rep
Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Operating lease right-of-use assets | $ 46,142 | $ 15,670 |
Liabilities | ||
Operating lease liabilities, current | 4,429 | 1,839 |
Operating lease liabilities, non-current | 37,379 | 16,174 |
Total lease liabilities | $ 41,808 | $ 18,013 |
Weighted Average Lease Term and Discount Rate | ||
Weighted-average remaining lease term (years) | 8 years 2 months 12 days | 8 years 7 months 20 days |
Weighted-average discount rate | 8.20% | 9.40% |
Leases - Summary of Other Lease
Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows for operating leases | $ 8,522 | $ 1,141 |
Right-of-use assets obtained in exchange for lease obligations | $ 31,904 | $ 35 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||||
Net loss | $ (21,659) | $ (22,737) | $ (18,370) | $ (13,723) | $ (44,396) | $ (32,093) |
Cumulative dividends on redeemable convertible preferred stock | (1,228) | |||||
Net loss attributable to common stockholders | $ (21,659) | $ (18,370) | $ (44,396) | $ (33,321) | ||
Denominator, basic | ||||||
Weighted-average number of common shares outstanding, basic | 37,437,063 | 36,843,087 | 37,365,647 | 29,593,814 | ||
Net loss per share attributable to common stockholders, basic | $ (0.58) | $ (0.50) | $ (1.19) | $ (1.13) | ||
Denominator, diluted | ||||||
Weighted-average number of common shares outstanding, diluted | 37,437,063 | 36,843,087 | 37,365,647 | 29,593,814 | ||
Net loss per share attributable to common stockholders, diluted | $ (0.58) | $ (0.50) | $ (1.19) | $ (1.13) |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 5,893,016 | 5,141,794 |
Unvested Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 138,052 | 257,578 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 1,040,500 |