Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
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 400 | |
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 | 37,144,567 | |
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, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 169,516 | $ 48,539 |
Investments | 75,118 | 0 |
Prepaid expenses | 4,566 | 467 |
Other current assets | 65 | 100 |
Total current assets | 249,265 | 49,106 |
Restricted cash equivalents | 1,559 | 1,559 |
Property and equipment, net | 5,852 | 4,728 |
Operating lease right-of-use assets | 16,356 | 17,117 |
Other assets | 2,111 | 3,398 |
Total assets | 275,143 | 75,908 |
Current liabilities: | ||
Accounts payable | 2,369 | 2,361 |
Accrued expenses | 4,293 | 6,260 |
Operating lease liability | 1,164 | 863 |
Other current liabilities | 478 | 723 |
Total current liabilities | 8,304 | 10,207 |
Long-term liabilities: | ||
Operating lease liabilities—non-current | 16,731 | 17,430 |
Total liabilities | 25,035 | 27,637 |
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value; 400,000,000 and 420,000,000 shares authorized as of June 30, 2021 and December 31, 2020 respectively; 37,142,950 and 893,231 shares issued and 36,885,372 and 505,074 outstanding as of June 30, 2021 and December 31, 2020, respectively | 4 | 1 |
Additional paid-in capital | 343,421 | 2,158 |
Accumulated deficit | (93,317) | (61,224) |
Total stockholders’ equity (deficit) | 250,108 | (59,065) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 275,143 | 75,908 |
Series A-1 Redeemable Convertible Preferred Stock | ||
Long-term liabilities: | ||
Redeemable convertible preferred stock | 2 | |
Series A-2 Redeemable Convertible Preferred Stock | ||
Long-term liabilities: | ||
Redeemable convertible preferred stock | 42,786 | |
Series B Redeemable Convertible Preferred Stock | ||
Long-term liabilities: | ||
Redeemable convertible preferred stock | $ 64,548 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
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 | 420,000,000 |
Common stock, shares issued | 37,142,950 | 893,231 |
Common stock, shares outstanding | 36,885,372 | 505,074 |
Series A-1 Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 20,000,000 |
Redeemable convertible preferred stock, shares issued | 0 | 20,000,000 |
Redeemable convertible preferred stock, shares outstanding | 0 | 20,000,000 |
Redeemable convertible preferred stock, liquidation preference | $ 4,000 | |
Series A-2 Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 107,194,866 |
Redeemable convertible preferred stock, shares issued | 0 | 107,194,866 |
Redeemable convertible preferred stock, shares outstanding | 0 | 107,194,866 |
Redeemable convertible preferred stock, liquidation preference | $ 42,878 | |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 211,778,825 |
Redeemable convertible preferred stock, shares issued | 0 | 124,519,220 |
Redeemable convertible preferred stock, shares outstanding | 0 | 124,519,220 |
Redeemable convertible preferred stock, liquidation preference | $ 64,750 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 12,970 | $ 5,975 | $ 21,911 | $ 12,146 |
General and administrative | 5,410 | 2,065 | 10,199 | 3,772 |
Total operating expenses | 18,380 | 8,040 | 32,110 | 15,918 |
Loss from operations | (18,380) | (8,040) | (32,110) | (15,918) |
Other income: | ||||
Interest income | 10 | 17 | 29 | |
Total other income | 10 | 17 | 29 | |
Net loss and comprehensive loss | (18,370) | (8,040) | (32,093) | (15,889) |
Cumulative dividends on redeemable convertible preferred stock | (855) | (1,228) | (1,570) | |
Net loss attributable to common stockholders | $ (18,370) | $ (8,895) | $ (33,321) | $ (17,459) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.50) | $ (56.85) | $ (1.13) | $ (115.83) |
Weighted-average common shares outstanding, basic and diluted | 36,843,087 | 156,454 | 29,593,814 | 150,735 |
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 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, 2019 | $ (17,429) | $ 458 | $ (17,887) | ||||
Beginning Balance, Shares at Dec. 31, 2019 | 119,936 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 2 | $ 25,067 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 20,000,000 | 62,819,866 | |||||
Issuance of redeemable convertible preferred stock | $ 17,719 | ||||||
Issuance of redeemable convertible preferred stock, Shares | 44,375,000 | ||||||
Stock-based compensation expense | 112 | 112 | |||||
Net loss | (7,849) | (7,849) | |||||
Ending Balance at Mar. 31, 2020 | (25,123) | 613 | (25,736) | ||||
Ending Balance, Shares at Mar. 31, 2020 | 151,320 | ||||||
Ending Balance at Mar. 31, 2020 | $ 2 | $ 42,786 | |||||
Ending Balance, Shares at Mar. 31, 2020 | 20,000,000 | 107,194,866 | |||||
Issuance of common stock upon exercise of stock options | 43 | 43 | 0 | ||||
Issuance of common stock upon exercise of stock options, Shares | 31,384 | ||||||
Beginning Balance at Dec. 31, 2019 | (17,429) | 458 | (17,887) | ||||
Beginning Balance, Shares at Dec. 31, 2019 | 119,936 | ||||||
Beginning Balance at Dec. 31, 2019 | $ 2 | $ 25,067 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 20,000,000 | 62,819,866 | |||||
Net loss | (15,889) | ||||||
Ending Balance at Jun. 30, 2020 | (32,993) | 783 | (33,776) | ||||
Ending Balance, Shares at Jun. 30, 2020 | 165,310 | ||||||
Ending Balance at Jun. 30, 2020 | $ 2 | $ 42,786 | $ 64,548 | ||||
Ending Balance, Shares at Jun. 30, 2020 | 20,000,000 | 107,194,866 | 124,519,220 | ||||
Beginning Balance at Mar. 31, 2020 | (25,123) | 613 | (25,736) | ||||
Beginning Balance, Shares at Mar. 31, 2020 | 151,320 | ||||||
Beginning Balance at Mar. 31, 2020 | $ 2 | $ 42,786 | |||||
Beginning Balance, Shares at Mar. 31, 2020 | 20,000,000 | 107,194,866 | |||||
Issuance of redeemable convertible preferred stock | $ 64,548 | ||||||
Issuance of redeemable convertible preferred stock, Shares | 124,519,220 | ||||||
Stock-based compensation expense | 153 | 153 | |||||
Net loss | (8,040) | (8,040) | |||||
Ending Balance at Jun. 30, 2020 | (32,993) | 783 | (33,776) | ||||
Ending Balance, Shares at Jun. 30, 2020 | 165,310 | ||||||
Ending Balance at Jun. 30, 2020 | $ 2 | $ 42,786 | $ 64,548 | ||||
Ending Balance, Shares at Jun. 30, 2020 | 20,000,000 | 107,194,866 | 124,519,220 | ||||
Issuance of common stock upon exercise of stock options | 17 | 17 | |||||
Issuance of common stock upon exercise of stock options, Shares | 13,990 | ||||||
Beginning Balance at Dec. 31, 2020 | $ (59,065) | $ 1 | 2,158 | (61,224) | |||
Beginning Balance, Shares at Dec. 31, 2020 | 505,074 | 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 shares upon closing of initial public offering, net of offering costs and underwriter fees of $17,132 | 186,308 | $ 1 | 186,307 | ||||
Issuance of common shares 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 | 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 | 36,885,372 | |||||
Ending Balance, Shares at Jun. 30, 2021 | 0 | 0 | 0 | ||||
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 | 36,885,372 | |||||
Ending Balance, Shares at Jun. 30, 2021 | 0 | 0 | 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
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, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (32,093) | $ (15,889) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation expense | 665 | 171 |
Non-cash lease expense | 1,504 | 139 |
Stock-based compensation | 1,958 | 265 |
Other | 4 | |
Changes in operating assets and liabilities: | ||
Operating lease liability | (1,141) | 191 |
Prepaid expenses and other current assets | (4,064) | (330) |
Accounts payable and accrued expenses | (762) | 1,040 |
Other assets | (285) | |
Net cash used in operating activities | (34,214) | (14,413) |
Cash flow from investing activities | ||
Purchases of investments | (75,122) | |
Purchases of property and equipment | (2,090) | (1,097) |
Net cash used in investing activities | (77,212) | (1,097) |
Cash flow from financing activities | ||
Proceeds from issuance of redeemable convertible preferred stock | 45,375 | 81,894 |
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 stock option exercises | 44 | 60 |
Net cash provided by financing activities | 232,403 | 81,954 |
Net increase in cash, cash equivalents and restricted cash equivalents | 120,977 | 66,444 |
Cash, cash equivalents and restricted cash equivalents, beginning of period | 50,098 | 8,025 |
Cash, cash equivalents and restricted cash equivalents, end of period | 171,075 | 74,469 |
Supplemental disclosure of non-cash activities | ||
Lease incentive paid by the landlord on behalf of the Company | 151 | |
Operating right-of-use assets and operating lease liability recorded upon lease commencement | 35 | 17,899 |
Purchases of property and equipment in accounts payable | 142 | 400 |
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering | $ 152,711 | |
Deferred offering costs in accounts payable and accrued expenses | 127 | |
Receivable related to Series B redeemable convertible preferred stock | $ 500 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 169,516 | $ 48,539 | $ 72,910 | |
Restricted cash equivalents | 1,559 | 1,559 | 1,559 | |
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows | $ 171,075 | $ 50,098 | $ 74,469 | $ 8,025 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of the Business | 1. Nature of the Business Vor Biopharma Inc. (the “Company”) is a 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. Initial Public Offering On February 9, 2021, the Company completed an initial public offering (“IPO”) of its common stock. At the closing of the IPO, the Company issued and sold 11,302,219 shares of its common stock, at a public offering price of $18.00 per share. The Company received net proceeds of approximately $186.3 million from the IPO, after deducting underwriters’ discounts and commissions and other offering expenses paid by the Company. Upon closing of the IPO, all shares of the Company’s Series A-1, A-2 and B redeemable convertible preferred stock then outstanding automatically converted into an aggregate of 24,924,501 shares of common stock. Upon conversion of the redeemable convertible preferred stock, the Company reclassified the carrying value of the redeemable convertible preferred stock to common stock and additional paid-in capital. In connection with the IPO, the Company filed an amended and restated certificate of incorporation that amended and restated the Company’s certificate of incorporation in its entirety to, among other things, authorize the Company to issue up to 400,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share, all of which shares of preferred stock are undesignated. In addition, the Company’s board of directors may establish the rights and preferences of the preferred stock from time to time. Reverse Stock Split On January 29, 2021, the Company effected a 13.6 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, 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 investments at June 30, 2021 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, 2021 | |
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 the IPO) ; accrued expenses and research and development expenses. Investments Investments represent excess cash balances held in marketable debt securities and are classified as available-for-sale. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such securities represent an investment of cash that is available for current operations. Available-for-sale investments are reported at fair value at each balance sheet date. Changes in the market value of available-for-sale investments, excluding other-than-temporary impairments, are reflected as other comprehensive income, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income in our condensed consolidated statements of operations and comprehensive loss. Investments are evaluated for other-than-temporary impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established. Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash equivalents and investments. The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s investments consist of money market funds and marketable debt securities, including U.S. Treasury securities. The Company’s investments may include commercial paper and other debt securities of U.S. government agencies, corporate entities, and banks. The Company’s investment policy limits instruments to investment grade securities with high credit quality issuers with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. 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, 2020 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020. 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, 2020 (the “2020 Annual Report”). During the six months ended June 30, 2021, other than the addition of the investments accounting policy and disclosure of related credit risks, there have been no changes to the Company’s significant accounting policies as described in the 2020 Annual Report. Recent Accounting Pronouncements In 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. Investments The amortized cost and estimated fair value of investments, by contractual maturity are as follows: June 30, 2021 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding losses Fair Value U.S. Treasuries maturing after one year through five years $ 75,118 $ — $ — $ 75,118 Total $ 75,118 $ — $ — $ 75,118 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 107,835 $ — $ — $ 107,835 Investments U.S. Treasury securities — 75,118 — 75,118 Restricted cash equivalents Money market funds 1,559 — — 1,559 Total $ 109,394 $ 75,118 $ — $ 184,512 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Money market fund $ 41,036 $ — $ — $ 41,036 Total $ 41,036 $ — $ — $ 41,036 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 investments was determined based on observable market inputs. Other than the purchase of U.S. Treasury securities classified as level 2 of the fair value hierarchy during the six months ended June 30, 2021, there were no transfers between levels from the year ended December 31, 2020. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
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) 2021 2020 Furniture and equipment $ 57 $ 40 Laboratory equipment 7,010 5,247 Computer equipment 176 167 Property and equipment, gross 7,243 5,454 Accumulated depreciation (1,391 ) (726 ) Property and equipment, net $ 5,852 $ 4,728 Depreciation expense for the three and six months ended June 30, 2021 was approximately $0.4 million and $0.7 million, respectively, and for the three and six months ended June 30, 2020 was approximately $0.1 million and $0.2 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, (in thousands) 2021 2020 Accrued employee-related and other expenses $ 2,317 $ 2,727 Accrued research and development 1,035 1,924 Accrued professional fees 573 1,097 Accrued license and milestone fees 80 450 Accrued other 288 62 Total accrued expenses $ 4,293 $ 6,260 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | 7 . Equity Redeemable Convertible Preferred Stock Prior to the IPO, the Company had issued Series A-1 redeemable convertible preferred stock (“Series A-1”), Series A-2 redeemable convertible preferred stock (“Series A-2”) and Series B redeemable convertible preferred stock (“Series B” and collectively with the Series A-1 and Series A-2, “Redeemable Convertible Preferred Stock”). Series A-2 Redeemable Convertible Preferred Stock Closing In February 2019 and 2020, the Company issued and sold 88,750,000 and 44,375,000 shares of Series A-2, respectively, at a purchase price of $0.40 per share for total gross cash proceeds of $35.6 million. Series B Redeemable Convertible Preferred Stock Closing In June 2020 and January 2021, the Company issued and sold 124,519,220 and 87,259,605 shares of Series B, respectively, at a purchase price of $0.52 per share for total gross cash proceeds of $110.1 million. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Incentive Plan In December 2015, the Company’s board of directors adopted and approved the 2015 Stock Incentive Plan (the “2015 Plan”). The 2015 Plan provided for the granting of incentive stock options, non-statutory stock options, restricted stock awards and other stock-based awards to eligible employees, officers, directors, consultants and advisors as determined by the Company’s board of directors. In February 2021, the Company’s board of directors adopted and the stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan became effective on February 5, 2021, following which no further grants were or will be made under the 2015 Plan. The 2021 Plan provides for the grant of stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to our employees, consultants and directors. As of June 30, 2021, the Company had 2,619,976 shares available for future issuance under the 2021 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, 2021 2020 2021 2020 Fair value of common stock $ 23.38 $ 2.18 $ 22.66 $ 2.18 Expected term (in years) 6.1 6.1 6.0 5.9 Expected volatility 79.7 % 76.3 % 79.7 % 76.0 % Risk-free interest rate 1.1 % 0.5 % 0.8 % 0.6 % Dividend yield — — — — During the six months ended June 30, 2021 and 2020, the Company granted stock options to purchase 478,434 shares and 696,510 shares, respectively, of its common stock with aggregate grant date fair values of $7.4 million and $1.0 million, respectively. As of June 30, 2021, total unrecognized compensation expense related to stock options was $14.1 million, which is expected to be recognized over a weighted-average period of 2.88 years. As of June 30, 2021 options for 257,578 shares with a weighted average exercise price of $1.85 were exercised and unvested. The underlying proceeds from the unvested exercises of $0.5 million is recorded in other current liabilities on the condensed consolidated balance sheet. Stock-Based Compensation Stock-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Research and development $ 542 $ 73 $ 991 $ 120 General and administrative 525 80 967 145 Total stock-based compensation expense $ 1,067 $ 153 $ 1,958 $ 265 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 9. 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 expands the amount of space leased by the Company by an additional 10,262 square feet in exchange for aggregate total fixed rent payments of approximately $8.6 million with the annual fixed rental payments escalating from $0.9 million to $1.1 million during the term. The First Lease Amendment is estimated to commence during the fourth quarter of 2021. The Second Lease Amendment expands the amount of space leased by the Company by an additional 30,175 square feet in exchange for aggregate total fixed rent payments of approximately $22.7 million with the annual fixed rental payments escalating from $1.2 million to $3.0 million during the term. The Second Lease Amendment’s term is estimated to commence during the first quarter of 2022. 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, of which $1.6 million has been secured by money market investments and is presented as restricted cash equivalents. For further information on terms and conditions of the Company’s Cambridgepark lease , please see Note 10 to the condensed consolidated financial statements included in the 2020 Annual Report. The elements of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands except weighted-average amounts) 2021 2020 2021 2020 Operating lease cost $ 757 $ 285 $ 1,504 $ 285 Short-term lease cost — 88 52 241 Variable lease cost 312 41 434 89 Total lease cost $ 1,069 $ 414 $ 1,990 $ 615 The following table represents the weighted-average remaining lease term and discount rate information: (in thousands) June 30, 2021 December 31, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 1,141 $ 703 Right-of-use assets obtained in exchange for lease obligations 35 17,899 Weighted-average remaining lease term (years) 9.1 9.6 Weighted-average discount rate 9.4 % 9.4 % Right-of-use lease assets and lease liabilities are reported in the Company’s condensed consolidated balance sheets as follows: (in thousands) June 30, 2021 December 31, 2020 Assets Operating right-of-use assets $ 16,356 $ 17,117 Liabilities Operating lease liabilities, current $ 1,164 $ 863 Operating lease liabilities, non-current $ 16,731 $ 17,430 Total lease liabilities $ 17,895 $ 18,293 |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2021 | |
Significant Agreements [Abstract] | |
Significant Agreements | 10. Significant Agreements Since December 31, 2020, there have been no material changes to the key terms of the Company’s license agreements. For further information on terms and conditions of the Company’s existing license agreements, please see Note 11 to the condensed consolidated financial statements included in the 2020 Annual Report. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. 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, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Numerator: Net loss $ (18,370 ) $ (8,040 ) $ (32,093 ) $ (15,889 ) Cumulative dividends on redeemable convertible preferred stock — (855 ) (1,228 ) (1,570 ) Net loss attributable to common stockholders $ (18,370 ) $ (8,895 ) $ (33,321 ) $ (17,459 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 36,843,087 156,454 29,593,814 150,735 Net loss per share attributable to common stockholders, basic and diluted $ (0.50 ) $ (56.85 ) $ (1.13 ) $ (115.83 ) As of the three and six months ended June 30, 2021 and 2020, the Company’s potentially dilutive securities were redeemable convertible preferred stock and stock options. 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, 2021 2020 Series A-1 redeemable convertible preferred stock — 20,000,000 Series A-2 redeemable convertible preferred stock — 107,194,866 Series B redeemable convertible preferred stock — 124,519,220 Options to purchase common stock 5,399,372 1,879,624 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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”). 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 the IPO) ; accrued expenses and research and development expenses. |
Investments | Investments Investments represent excess cash balances held in marketable debt securities and are classified as available-for-sale. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such securities represent an investment of cash that is available for current operations. Available-for-sale investments are reported at fair value at each balance sheet date. Changes in the market value of available-for-sale investments, excluding other-than-temporary impairments, are reflected as other comprehensive income, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income in our condensed consolidated statements of operations and comprehensive loss. Investments are evaluated for other-than-temporary impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash equivalents and investments. The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s investments consist of money market funds and marketable debt securities, including U.S. Treasury securities. The Company’s investments may include commercial paper and other debt securities of U.S. government agencies, corporate entities, and banks. The Company’s investment policy limits instruments to investment grade securities with high credit quality issuers with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. |
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, 2020 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020. 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, 2020 (the “2020 Annual Report”). During the six months ended June 30, 2021, other than the addition of the investments accounting policy and disclosure of related credit risks, there have been no changes to the Company’s significant accounting policies as described in the 2020 Annual Report. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investments by Contractual Maturity | The amortized cost and estimated fair value of investments, by contractual maturity are as follows: June 30, 2021 (in thousands) Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding losses Fair Value U.S. Treasuries maturing after one year through five years $ 75,118 $ — $ — $ 75,118 Total $ 75,118 $ — $ — $ 75,118 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 107,835 $ — $ — $ 107,835 Investments U.S. Treasury securities — 75,118 — 75,118 Restricted cash equivalents Money market funds 1,559 — — 1,559 Total $ 109,394 $ 75,118 $ — $ 184,512 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Money market fund $ 41,036 $ — $ — $ 41,036 Total $ 41,036 $ — $ — $ 41,036 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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) 2021 2020 Furniture and equipment $ 57 $ 40 Laboratory equipment 7,010 5,247 Computer equipment 176 167 Property and equipment, gross 7,243 5,454 Accumulated depreciation (1,391 ) (726 ) Property and equipment, net $ 5,852 $ 4,728 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, December 31, (in thousands) 2021 2020 Accrued employee-related and other expenses $ 2,317 $ 2,727 Accrued research and development 1,035 1,924 Accrued professional fees 573 1,097 Accrued license and milestone fees 80 450 Accrued other 288 62 Total accrued expenses $ 4,293 $ 6,260 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2021 2020 2021 2020 Fair value of common stock $ 23.38 $ 2.18 $ 22.66 $ 2.18 Expected term (in years) 6.1 6.1 6.0 5.9 Expected volatility 79.7 % 76.3 % 79.7 % 76.0 % Risk-free interest rate 1.1 % 0.5 % 0.8 % 0.6 % 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) 2021 2020 2021 2020 Research and development $ 542 $ 73 $ 991 $ 120 General and administrative 525 80 967 145 Total stock-based compensation expense $ 1,067 $ 153 $ 1,958 $ 265 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 except weighted-average amounts) 2021 2020 2021 2020 Operating lease cost $ 757 $ 285 $ 1,504 $ 285 Short-term lease cost — 88 52 241 Variable lease cost 312 41 434 89 Total lease cost $ 1,069 $ 414 $ 1,990 $ 615 |
Summary of Weighted-Average Remaining Lease Term and Discount Rate | The following table represents the weighted-average remaining lease term and discount rate information: (in thousands) June 30, 2021 December 31, 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 1,141 $ 703 Right-of-use assets obtained in exchange for lease obligations 35 17,899 Weighted-average remaining lease term (years) 9.1 9.6 Weighted-average discount rate 9.4 % 9.4 % |
Summary of Right-of-Use Assets and Lease Liabilities | Right-of-use lease assets and lease liabilities are reported in the Company’s condensed consolidated balance sheets as follows: (in thousands) June 30, 2021 December 31, 2020 Assets Operating right-of-use assets $ 16,356 $ 17,117 Liabilities Operating lease liabilities, current $ 1,164 $ 863 Operating lease liabilities, non-current $ 16,731 $ 17,430 Total lease liabilities $ 17,895 $ 18,293 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2021 2020 2021 2020 Numerator: Net loss $ (18,370 ) $ (8,040 ) $ (32,093 ) $ (15,889 ) Cumulative dividends on redeemable convertible preferred stock — (855 ) (1,228 ) (1,570 ) Net loss attributable to common stockholders $ (18,370 ) $ (8,895 ) $ (33,321 ) $ (17,459 ) Denominator: Weighted-average number of common shares outstanding, basic and diluted 36,843,087 156,454 29,593,814 150,735 Net loss per share attributable to common stockholders, basic and diluted $ (0.50 ) $ (56.85 ) $ (1.13 ) $ (115.83 ) |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | As of the three and six months ended June 30, 2021 and 2020, the Company’s potentially dilutive securities were redeemable convertible preferred stock and stock options. 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, 2021 2020 Series A-1 redeemable convertible preferred stock — 20,000,000 Series A-2 redeemable convertible preferred stock — 107,194,866 Series B redeemable convertible preferred stock — 124,519,220 Options to purchase common stock 5,399,372 1,879,624 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 09, 2021USD ($)$ / sharesshares | Jan. 29, 2021 | Mar. 31, 2021shares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Nature Of Business [Line Items] | |||||
Incorporation date | Dec. 30, 2015 | ||||
Net proceeds from issuance of IPO | $ | $ 189,199 | ||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 420,000,000 | ||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 0 | ||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock | |||||
Nature Of Business [Line Items] | |||||
Common stock shares issued and sold | 11,302,219 | ||||
Net proceeds from issuance of IPO | $ | $ 186,300 | ||||
Common stock shares issued for conversion of redeemable convertible preferred stock | 24,924,501 | 24,924,501 | |||
Stockholders' equity, reverse stock split | 13.6-for-1 reverse stock split | ||||
Stockholders' equity, stock split, conversion ratio | 0.0735 | ||||
IPO | Common Stock | |||||
Nature Of Business [Line Items] | |||||
Common stock shares issued and sold | 11,302,219 | ||||
Public offering price per share | $ / shares | $ 18 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Accounting standards update [Extensible list] | us-gaap:AccountingStandardsUpdate201912Member |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Estimated Fair Value of Investments by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | $ 75,118 |
Fair Value | 75,118 |
Maturing after One Year through Five Years | U.S. Treasuries | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 75,118 |
Fair Value | $ 75,118 |
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, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 184,512 | $ 41,036 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 41,036 | |
Investments | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 75,118 | |
Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 107,835 | |
Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 1,559 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 109,394 | 41,036 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 41,036 | |
Level 1 | Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 107,835 | |
Level 1 | Restricted Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 1,559 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 75,118 | |
Level 2 | Investments | U.S. Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 75,118 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
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, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 7,243 | $ 5,454 |
Accumulated depreciation | (1,391) | (726) |
Property and equipment, net | 5,852 | 4,728 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 57 | 40 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,010 | 5,247 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 176 | $ 167 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 400 | $ 100 | $ 665 | $ 171 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued employee-related and other expenses | $ 2,317 | $ 2,727 |
Accrued research and development | 1,035 | 1,924 |
Accrued professional fees | 573 | 1,097 |
Accrued license and milestone fees | 80 | 450 |
Accrued other | 288 | 62 |
Total accrued expenses | $ 4,293 | $ 6,260 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 8 Months Ended | 13 Months Ended | ||||||
Jan. 31, 2021 | Jun. 30, 2020 | Feb. 29, 2020 | Feb. 28, 2019 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 31, 2021 | Feb. 29, 2020 | |
Class Of Stock [Line Items] | |||||||||||
Gross proceeds from stock issued | $ 45,375 | $ 81,894 | |||||||||
Series A-2 | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock, issued and sold | 44,375,000 | 88,750,000 | 44,375,000 | ||||||||
Redeemable convertible preferred stock, price per share | $ 0.40 | ||||||||||
Gross proceeds from stock issued | $ 35,600 | ||||||||||
Series B | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock, issued and sold | 87,259,605 | 124,519,220 | 87,259,605 | 124,519,220 | |||||||
Redeemable convertible preferred stock, price per share | $ 0.52 | ||||||||||
Gross proceeds from stock issued | $ 110,100 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Feb. 05, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options granted | 478,434 | 696,510 | |
Aggregate grant date fair value of options granted | $ 7.4 | $ 1 | |
Unrecognized compensation expense related to stock options | $ 14.1 | ||
Unrecognized share based compensation expense, recognition period | 2 years 10 months 17 days | ||
Number unvested options | 257,578 | ||
Weighted average exercise price of options exercised and unvested | $ 1.85 | ||
Proceeds from unvested options exercises | $ 0.5 | ||
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 | ||
Tranche One | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Vesting percentage | 25.00% | ||
Tranche Two | Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2021 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for future issuance | 2,619,976 | ||
2015 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for future issuance | 0 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - Stock Options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 23.38 | $ 2.18 | $ 22.66 | $ 2.18 |
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years | 5 years 10 months 24 days |
Expected volatility | 79.70% | 76.30% | 79.70% | 76.00% |
Risk-free interest rate | 1.10% | 0.50% | 0.80% | 0.60% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,067 | $ 153 | $ 1,958 | $ 265 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 542 | 73 | 991 | 120 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 525 | $ 80 | $ 967 | $ 145 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Jun. 15, 2021USD ($)ft² |
Money Market Funds | |
Lessee Lease Description [Line Items] | |
Restricted cash and equivalents | $ 1.6 |
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] | |
Additional space leased | ft² | 10,262 |
Aggregate total fixed rent payments | $ 8.6 |
Operating lease estimated to commence period | fourth quarter of 2021 |
Second Lease Amendment | |
Lessee Lease Description [Line Items] | |
Additional space leased | ft² | 30,175 |
Aggregate total fixed rent payments | $ 22.7 |
Operating lease estimated to commence period | first quarter of 2022 |
Minimum | First Lease Amendment | |
Lessee Lease Description [Line Items] | |
Increase in annual fixed rental payments | $ 0.9 |
Minimum | Second Lease Amendment | |
Lessee Lease Description [Line Items] | |
Increase in annual fixed rental payments | 1.2 |
Maximum | First Lease Amendment | |
Lessee Lease Description [Line Items] | |
Increase in annual fixed rental payments | 1.1 |
Maximum | Second Lease Amendment | |
Lessee Lease Description [Line Items] | |
Increase in annual fixed rental payments | $ 3 |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 757 | $ 285 | $ 1,504 | $ 285 |
Short-term lease cost | 88 | 52 | 241 | |
Variable lease cost | 312 | 41 | 434 | 89 |
Total lease cost | $ 1,069 | $ 414 | $ 1,990 | $ 615 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows for operating leases | $ 1,141 | $ 703 |
Right-of-use assets obtained in exchange for lease obligations | $ 35 | $ 17,899 |
Weighted-average remaining lease term (years) | 9 years 1 month 6 days | 9 years 7 months 6 days |
Weighted-average discount rate | 9.40% | 9.40% |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Operating right-of-use assets | $ 16,356 | $ 17,117 |
Liabilities | ||
Operating lease liabilities, current | 1,164 | 863 |
Operating lease liabilities, non-current | 16,731 | 17,430 |
Total lease liabilities | $ 17,895 | $ 18,293 |
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, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (18,370) | $ (13,723) | $ (8,040) | $ (7,849) | $ (32,093) | $ (15,889) |
Cumulative dividends on redeemable convertible preferred stock | (855) | (1,228) | (1,570) | |||
Net loss attributable to common stockholders | $ (18,370) | $ (8,895) | $ (33,321) | $ (17,459) | ||
Denominator: | ||||||
Weighted-average number of common shares outstanding, basic and diluted | 36,843,087 | 156,454 | 29,593,814 | 150,735 | ||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.50) | $ (56.85) | $ (1.13) | $ (115.83) |
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, 2021 | Jun. 30, 2020 | |
Series A-1 Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 20,000,000 | |
Series A-2 Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 107,194,866 | |
Series B Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per share | 124,519,220 | |
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 | 5,399,372 | 1,879,624 |