Dyne Therapeutics (DYN) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Dyne Therapeutics, Inc.
Entity Central Index Key	0001818794
Entity File Number	001-39509
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4883909
Entity Address, Address Line One	1560 Trapelo Road
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	781
Local Phone Number	786-8230
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		51,653,523
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	DYN
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 147,965	$ 200,825
Marketable securities	175,185	175,746
Prepaid expenses and other current assets	21,300	5,821
Total current assets	344,450	382,392
Property and equipment, net	5,619	4,678
Right-of-use assets	35,380	36,282
Restricted cash and other assets	2,313	2,311
Total assets	387,762	425,663
Current liabilities:
Accounts payable	5,188	4,031
Accrued expenses and other current liabilities	13,338	20,799
Lease liabilities	4,711	3,893
Total current liabilities	23,237	28,723
Lease liabilities, net of current portion	28,066	28,743
Total liabilities	51,303	57,466
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2022 and December 31, 2021; 51,667,060 and 51,607,522 shares issued and 51,649,423 and 51,569,381 shares outstanding at March 31, 2022 and December 31, 2021, respectively	6	6
Additional paid-in capital	601,440	596,934
Accumulated other comprehensive loss	(930)	(269)
Accumulated deficit	(264,057)	(228,474)
Total stockholders’ equity	336,459	368,197
Total liabilities and stockholders’ equity	$ 387,762	$ 425,663

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	51,667,060	51,607,522
Common stock, shares outstanding	51,649,423	51,569,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 28,236	$ 18,625
General and administrative	7,547	6,509
Total operating expenses	35,783	25,134
Loss from operations	(35,783)	(25,134)
Other (expense) income:
Interest income	230	166
Other income (expense), net	(30)
Total other (expense) income, net	200	166
Net loss	$ (35,583)	$ (24,968)
Net loss per share—basic and diluted	$ (0.69)	$ (0.50)
Weighted-average common shares outstanding used in net loss per share—basic and diluted	51,601,444	49,472,497
Comprehensive loss:
Net loss	$ (35,583)	$ (24,968)
Other comprehensive loss:
Unrealized gains (losses) on marketable securities, net	(661)	(41)
Comprehensive loss	$ (36,244)	$ (25,009)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 342,367	$ 5	$ 421,572	$ (27)	$ (79,183)
Beginning Balance, Shares at Dec. 31, 2020		45,076,574
Issuance of stock, net of issuance costs	157,237	$ 1	157,236
Issuance of stock, net of issuance costs, Shares		6,000,000
Exercise of stock options	13		13
Exercise of stock options, Shares		11,163
Stock-based compensation	3,652		3,652
Vesting of restricted shares		70,539
Unrealized losses on marketable securities	(41)			(41)
Net loss	(24,968)				(24,968)
Ending Balance at Mar. 31, 2021	478,260	$ 6	582,473	(68)	(104,151)
Ending Balance, Shares at Mar. 31, 2021		51,158,276
Beginning Balance at Dec. 31, 2021	368,197	$ 6	596,934	(269)	(228,474)
Beginning Balance, Shares at Dec. 31, 2021		51,569,381
Exercise of stock options	$ 18		18
Exercise of stock options, Shares	9,583	9,583
Stock-based compensation	$ 4,488		4,488
Vesting of restricted shares		20,504
Vesting of restricted stock units		49,955
Unrealized losses on marketable securities	(661)			(661)
Net loss	(35,583)				(35,583)
Ending Balance at Mar. 31, 2022	$ 336,459	$ 6	$ 601,440	$ (930)	$ (264,057)
Ending Balance, Shares at Mar. 31, 2022		51,649,423

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Common Stock
Stock issuance costs	$ 0.7

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (35,583)	$ (24,968)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,488	3,652
Depreciation and amortization expense	425	238
Non-cash lease expense	1,041	(7)
Amortization of premium on marketable securities	605	492
Loss on sale of marketable securities	30
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(15,477)	331
Accounts payable and other liabilities	(6,268)	1,869
Net cash used in operating activities	(50,739)	(18,393)
Cash flows from investing activities:
Purchases of property and equipment	(1,401)	(9)
Purchases of marketable securities	(55,327)	(132,186)
Maturities of marketable securities	52,077	3,820
Sales of marketable securities	2,515
Net cash used in investing activities	(2,136)	(128,375)
Cash flows from financing activities:
Proceeds from follow-on public offering of common stock, net of issuance costs		157,237
Proceeds from exercise of stock options	18	13
Net cash provided by financing activities	18	157,250
Net increase (decrease) in cash and cash equivalents	(52,857)	10,482
Cash, cash equivalents and restricted cash, beginning of period	203,519	303,153
Cash, cash equivalents and restricted cash, end of period	150,662	313,635
Supplemental disclosures of cash flow information:
Purchase of property and equipment in accounts payable	$ 167	$ 59

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Dyne Therapeutics, Inc. (the “Company”) is building a leading muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases. The Company was incorporated in Delaware on December 1, 2017 and has a principal place of business in Waltham, Massachusetts. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, fluctuations in operating results, compliance with government regulations, the ability to establish clinical- and commercial-scale manufacturing processes, the impact of the COVID-19 pandemic and the ability to secure additional capital to fund operations. Product candidates and programs currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization of a product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On January 25, 2021, the Company completed a follow-on public offering of common stock pursuant to which it issued and sold 6,000,000 shares of its common stock at a public offering price of $ 28.00 per share, resulting in net proceeds of $ 157.2 million, after deducting underwriting discounts and commissions and offering expenses. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations with proceeds from the sales of preferred stock and common stock, including its initial public offering ("IPO") completed in September 2020 and the follow-on offering completed in January 2021. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance of these condensed consolidated financial statements. To continue its development efforts, the Company will need to obtain substantial additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements in order to fund its research and development and ongoing operating expenses. The Company may not be able to obtain financing on acceptable terms, when needed or at all, and the Company may not be able to enter into collaborations, strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Any collaborations, strategic alliances or licensing arrangements may require the Company to relinquish rights to certain of its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. If the Company is unable to obtain funding, the Company could be forced to delay, limit, reduce or eliminate some or all of its research and development programs, pipeline expansion or future commercialization efforts or grant rights to develop and market product candidates, which could adversely affect its business prospects. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all. To date, the Company has not experienced material business disruptions, including with its vendors, as a result of the COVID-19 pandemic. The Company expects to continue to take actions as may be required or recommended by government authorities or as it determines are in the best interests of its employees and other business partners. The Company is continuing to monitor the potential impact of the pandemic, but cannot be certain what the overall impact will be on its business, financial condition, results of operations and prospects.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim financial statements have been prepared on the same basis as audited annual financial statements, except certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the interim financial information reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair representation of the results for the reported periods. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 10, 2022. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Options to purchase common stock 7,948,671 6,771,426 Unvested restricted common stock 17,637 299,790 Unvested restricted stock units 1,025,908 489,255 Total 8,992,216 7,560,471

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	3 Months Ended
	Mar. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	3. Cash, Cash Equivalents and Restricted Cash Cash includes cash in readily available checking accounts and cash equivalents include money market funds that invest in U.S. treasury securities and all highly liquid investments maturing within 90 days from the date of purchase. Amounts included in restricted cash represent amounts pledged as collateral for letters of credit required for security deposits on the Company’s leased facilities. Restricted cash totaled $ 2.7 million and $ 2.7 million at March 31, 2022 and December 31, 2021, respectively. These amounts are classified as a component of other current assets and as restricted cash on the Company’s condensed consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following: March 31, December 31, (in thousands) 2022 2021 Cash and cash equivalents $ 147,965 $ 200,825 Short term restricted cash included in other current assets 384 383 Restricted cash 2,313 2,311 Total $ 150,662 $ 203,519

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables set forth by security type, marketable securities for the periods presented: As of March 31, 2022 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 21,742 $ — $ — $ 21,742 Certificates of deposit 8,842 — — 8,842 Corporate debt securities 127,937 4 ( 856 ) 127,085 US treasury notes 17,594 — ( 78 ) 17,516 Total $ 176,115 $ 4 $ ( 934 ) $ 175,185 As of December 31, 2021 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 12,635 $ — $ — $ 12,635 Corporate debt securities 138,207 3 ( 249 ) 137,961 Certificates of deposit 4,490 — — 4,490 U.S. treasury notes 20,683 — ( 23 ) 20,660 Total $ 176,015 $ 3 $ ( 272 ) $ 175,746 The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis for the periods presented: Fair value measurements as of March 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 42,078 $ — $ — $ 42,078 Corporate debt securities — 1,088 — 1,088 Marketable securities Commercial paper 21,742 — — 21,742 Certificates of deposit — 8,842 — 8,842 Corporate debt securities — 127,085 — 127,085 US treasury notes 17,516 — — 17,516 Total $ 81,336 $ 137,015 $ — $ 218,351 Fair Value Measurements as of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 95,565 $ — $ — $ 95,565 Corporate debt securities — 1,844 — 1,844 Marketable securities Commercial paper 12,635 — — 12,635 Corporate debt securities — 137,961 — 137,961 Certificates of deposit — 4,490 — 4,490 U.S. treasury notes 20,660 — — 20,660 Total $ 128,860 $ 144,295 $ — $ 273,155 The fair value of money market funds, commercial paper and U.S. treasury notes were determined by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. Certificates of deposit and corporate debt securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There were no transfers between Level 1, Level 2, or Level 3 during the periods presented. The following table summarizes the scheduled maturity for the Company’s marketable securities at March 31, 2022: (in thousands) March 31, 2022 Maturing in one year or less $ 150,149 Maturing after one year through two years 25,036 Maturing after two years — Total $ 175,185 Financial instruments not recorded at fair value The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment consisted of the following: March 31, December 31, (in thousands) 2022 2021 Laboratory equipment $ 4,648 $ 3,930 Office and computer equipment 1,692 1,271 Construction in process 1,687 1,460 Property and equipment—at cost 8,027 6,661 Less accumulated depreciation and amortization ( 2,408 ) ( 1,983 ) Property and equipment—net $ 5,619 $ 4,678 Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was $ 0.4 million and $ 0.2 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (in thousands) 2022 2021 Payroll and benefits $ 1,398 $ 5,097 Consulting services 412 694 Legal services 455 184 Research and development 11,073 14,762 Facility costs — 62 Total $ 13,338 $ 20,799

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Awards	7. Stock-Based Compensation 2020 Stock Incentive Plan In August 2020 the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Stock Incentive Plan, (the "2020 Plan"), which became effective on September 16, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to employees, directors, consultants and advisors of the Company. The 2020 Plan is administered by the Company’s board of directors or by a committee appointed by the board of directors. Upon the effectiveness of the 2020 Plan, the Company ceased granting awards under the 2018 Stock Incentive Plan. As of March 31, 2022 , 5,720,173 shares remained available for future issuance under the 2020 Plan. Stock option valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The fair value is determined based upon the quoted price of the Company’s common stock. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Three Months Ended March 31, 2022 2021 Expected volatility 73 % 74 % Risk-free interest rate 1.47 % — 2.44 % 0.88 % — 1.13 % Expected term (in years) 6 6 Expected dividend yield — — Stock option activity A summary of the Company’s stock option activity and related information for the three months ended March 31, 2022 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding as of January 1, 2022 7,967,750 $ 9.35 8.7 $ 36,946 Granted 173,293 8.85 Exercised ( 9,583 ) 1.93 Canceled ( 182,789 ) 11.12 Outstanding as of March 31, 2022 7,948,671 $ 9.30 8.5 $ 26,071 Options exercisable as of March 31, 2022 2,301,146 $ 6.67 8.1 $ 11,253 Options vested or expected to vest as of March 31, 2022 7,948,671 $ 9.30 8.5 $ 26,071 The intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 totaled $ 0.1 million and $ 0.4 million, respectively. The weighted-average grant date fair value of the options granted during the three months ended March 31, 2022 and 2021 was $ 5.75 and $ 11.44 per share, respectively. As of March 31, 2022 there was $ 27.4 million of unrecognized compensation expense, which the Company expects to recognize over a weighted-average period of 2.4 years. During the three months ended March 31, 2022 , the Company recognized compensation cost of $ 0.3 million related to stock options with performance-based vesting conditions for which performance was deemed probable. The Company did not recognize any compensation cost for stock options with performance-based vesting conditions during the three months ended March 31, 2021. Restricted stock units A restricted stock unit (“RSU”) represents the right to receive one share of common stock upon vesting of the RSU. The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company. The Company also grants RSUs with performance-based vesting conditions for which performance was not deemed probable at March 31, 2022 . The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. A summary of the Company’s RSU activity and related information for the 2020 Plan for the three months ended March 31, 2022 is as follows: Number of Shares Underlying RSUs Weighted Issued and unvested as of January 1, 2022 1,056,984 $ 16.99 Granted 41,900 8.91 Vested ( 49,955 ) 15.05 Forfeited ( 23,021 ) 17.67 Issued and unvested as of March 31, 2022 1,025,908 $ 16.74 As of March 31, 2022 , there was $ 13.4 million of unrecognized compensation costs ​​​​​​​related to unvested RSUs, which are expected to be recognized over a weighted-average period of 3.1 years. During the three months ended March 31, 2022 , the Company recognized compensation cost of $ 0.1 million related to RSUs with performance-based vesting conditions for which performance was deemed probable. The Company did not recognize any compensation cost for RSUs with performance-based vesting conditions during the three months ended March 31, 2021. Restricted common stock During the year ended December 31, 2018, the Company granted restricted common stock with service-based vesting conditions. Shares of unvested restricted common stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award. The grant date fair value of these shares was immaterial. The following table summarizes the Company’s restricted common stock award activity for the three months ended March 31, 2022: Number of Issued and unvested as of January 1, 2022 38,141 Vested ( 20,504 ) Forfeited — Issued and unvested as of March 31, 2022 17,637 The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Three Months Ended March 31, (in thousands) 2022 2021 Research and development $ 2,034 $ 1,571 General and administrative 2,454 2,081 Total $ 4,488 $ 3,652

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Fair Value Measurements	Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
Net Loss Per Share	Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Options to purchase common stock 7,948,671 6,771,426 Unvested restricted common stock 17,637 299,790 Unvested restricted stock units 1,025,908 489,255 Total 8,992,216 7,560,471

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share	The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Options to purchase common stock 7,948,671 6,771,426 Unvested restricted common stock 17,637 299,790 Unvested restricted stock units 1,025,908 489,255 Total 8,992,216 7,560,471

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: March 31, December 31, (in thousands) 2022 2021 Cash and cash equivalents $ 147,965 $ 200,825 Short term restricted cash included in other current assets 384 383 Restricted cash 2,313 2,311 Total $ 150,662 $ 203,519

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Marketable Securities by Security Type	The following tables set forth by security type, marketable securities for the periods presented: As of March 31, 2022 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 21,742 $ — $ — $ 21,742 Certificates of deposit 8,842 — — 8,842 Corporate debt securities 127,937 4 ( 856 ) 127,085 US treasury notes 17,594 — ( 78 ) 17,516 Total $ 176,115 $ 4 $ ( 934 ) $ 175,185 As of December 31, 2021 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 12,635 $ — $ — $ 12,635 Corporate debt securities 138,207 3 ( 249 ) 137,961 Certificates of deposit 4,490 — — 4,490 U.S. treasury notes 20,683 — ( 23 ) 20,660 Total $ 176,015 $ 3 $ ( 272 ) $ 175,746
Summary of Assets Carried at Fair Value on Recurring Basis	The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value on a recurring basis for the periods presented: Fair value measurements as of March 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 42,078 $ — $ — $ 42,078 Corporate debt securities — 1,088 — 1,088 Marketable securities Commercial paper 21,742 — — 21,742 Certificates of deposit — 8,842 — 8,842 Corporate debt securities — 127,085 — 127,085 US treasury notes 17,516 — — 17,516 Total $ 81,336 $ 137,015 $ — $ 218,351 Fair Value Measurements as of December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 95,565 $ — $ — $ 95,565 Corporate debt securities — 1,844 — 1,844 Marketable securities Commercial paper 12,635 — — 12,635 Corporate debt securities — 137,961 — 137,961 Certificates of deposit — 4,490 — 4,490 U.S. treasury notes 20,660 — — 20,660 Total $ 128,860 $ 144,295 $ — $ 273,155
Summary of Scheduled Maturity for Marketable Securities	The following table summarizes the scheduled maturity for the Company’s marketable securities at March 31, 2022: (in thousands) March 31, 2022 Maturing in one year or less $ 150,149 Maturing after one year through two years 25,036 Maturing after two years — Total $ 175,185

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: March 31, December 31, (in thousands) 2022 2021 Laboratory equipment $ 4,648 $ 3,930 Office and computer equipment 1,692 1,271 Construction in process 1,687 1,460 Property and equipment—at cost 8,027 6,661 Less accumulated depreciation and amortization ( 2,408 ) ( 1,983 ) Property and equipment—net $ 5,619 $ 4,678

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, (in thousands) 2022 2021 Payroll and benefits $ 1,398 $ 5,097 Consulting services 412 694 Legal services 455 184 Research and development 11,073 14,762 Facility costs — 62 Total $ 13,338 $ 20,799

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted	The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Three Months Ended March 31, 2022 2021 Expected volatility 73 % 74 % Risk-free interest rate 1.47 % — 2.44 % 0.88 % — 1.13 % Expected term (in years) 6 6 Expected dividend yield — —
Summary of Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information for the three months ended March 31, 2022 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding as of January 1, 2022 7,967,750 $ 9.35 8.7 $ 36,946 Granted 173,293 8.85 Exercised ( 9,583 ) 1.93 Canceled ( 182,789 ) 11.12 Outstanding as of March 31, 2022 7,948,671 $ 9.30 8.5 $ 26,071 Options exercisable as of March 31, 2022 2,301,146 $ 6.67 8.1 $ 11,253 Options vested or expected to vest as of March 31, 2022 7,948,671 $ 9.30 8.5 $ 26,071
Summary of RSU Activity	A summary of the Company’s RSU activity and related information for the 2020 Plan for the three months ended March 31, 2022 is as follows: Number of Shares Underlying RSUs Weighted Issued and unvested as of January 1, 2022 1,056,984 $ 16.99 Granted 41,900 8.91 Vested ( 49,955 ) 15.05 Forfeited ( 23,021 ) 17.67 Issued and unvested as of March 31, 2022 1,025,908 $ 16.74
Summary of Restricted Common Stock Award Activity	The following table summarizes the Company’s restricted common stock award activity for the three months ended March 31, 2022: Number of Issued and unvested as of January 1, 2022 38,141 Vested ( 20,504 ) Forfeited — Issued and unvested as of March 31, 2022 17,637
Summary of Stock-based Compensation Expense	The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Three Months Ended March 31, (in thousands) 2022 2021 Research and development $ 2,034 $ 1,571 General and administrative 2,454 2,081 Total $ 4,488 $ 3,652

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share	The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Options to purchase common stock 7,948,671 6,771,426 Unvested restricted common stock 17,637 299,790 Unvested restricted stock units 1,025,908 489,255 Total 8,992,216 7,560,471

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 25, 2021	Mar. 31, 2022
Nature Of Business And Basis Of Presentation [Line Items]
Entity incorporation date		Dec. 1, 2017
Follow-on Public Offering | Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Number of shares issued and sold	6,000,000
Public offering price	$ 28
Net proceeds from issuance of common stock	$ 157.2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total	$ 8,992,216	$ 7,560,471
Unvested Restricted Stock Units
Total	1,025,908	489,255
Options to purchase common stock
Total	7,948,671	6,771,426
Unvested restricted common stock
Total	$ 17,637	$ 299,790

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalent maturity period	90 days
Restricted cash	$ 2.7	$ 2.7

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 147,965	$ 200,825
Short term restricted cash included in other current assets	384	383
Restricted cash	2,313	2,311
Total	$ 150,662	$ 203,519

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Marketable Securities by Security Type (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 176,115	$ 176,015
Unrealized Gains	4	3
Unrealized Losses	(934)	(272)
Total	175,185	175,746
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,742	12,635
Total	21,742	12,635
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,842	4,490
Total	8,842	4,490
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	127,937	138,207
Unrealized Gains	4	3
Unrealized Losses	(856)	(249)
Total	127,085	137,961
US Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,594	20,683
Unrealized Losses	(78)	(23)
Total	$ 17,516	$ 20,660

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Assets Carried at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total	$ 218,351	$ 273,155
Level 1
Assets:
Total	81,336	128,860
Level 2
Assets:
Total	137,015	144,295
Cash Equivalents | Money Market Funds
Assets:
Total	42,078	95,565
Cash Equivalents | Corporate Debt Securities
Assets:
Total	1,088	1,844
Cash Equivalents | Level 1 | Money Market Funds
Assets:
Total	42,078	95,565
Cash Equivalents | Level 1 | Corporate Debt Securities
Assets:
Total	0
Cash Equivalents | Level 2 | Corporate Debt Securities
Assets:
Total	1,088	1,844
Marketable Securities | Commercial Paper
Assets:
Total	21,742	12,635
Marketable Securities | Certificates of Deposit
Assets:
Total	8,842	4,490
Marketable Securities | Corporate Debt Securities
Assets:
Total	127,085	137,961
Marketable Securities | US Treasury Securities
Assets:
Total	17,516	20,660
Marketable Securities | Level 1 | Commercial Paper
Assets:
Total	21,742	12,635
Marketable Securities | Level 1 | US Treasury Securities
Assets:
Total	17,516	20,660
Marketable Securities | Level 2 | Certificates of Deposit
Assets:
Total	8,842	4,490
Marketable Securities | Level 2 | Corporate Debt Securities
Assets:
Total	$ 127,085	$ 137,961

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value assets, transfers among level 1, level 2 or level 3	$ 0	$ 0

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Scheduled Maturity for Marketable Securities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Marketable Securities And Fair Value Measurements [Abstract]
Maturing in one year or less	$ 150,149
Maturing in one year through two years	25,036
Maturing after two years	0
Total	$ 175,185

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 8,027	$ 6,661
Less accumulated depreciation and amortization	(2,408)	(1,983)
Property and equipment—net	5,619	4,678
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	4,648	3,930
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	1,692	1,271
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 1,687	$ 1,460

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 425	$ 238

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Payroll and benefits	$ 1,398	$ 5,097
Consulting services	412	694
Legal services	455	184
Research and development	11,073	14,762
Facility costs	0	62
Total	$ 13,338	$ 20,799

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Installment$ / sharesshares	Mar. 31, 2021USD ($)$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options granted | $ / shares	$ 5.75	$ 11.44
Intrinsic value of options exercised	$ 100	$ 400
Stock-based compensation expense	4,488	$ 3,652
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 27,400
Unrecognized share based compensation expense, recognition period	2 years 4 months 24 days
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Recognized Performance Conditions Probable	$ 300
Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 13,400
Unrecognized share based compensation expense, recognition period	3 years 1 month 6 days
Unrecognized compensation cost related to unvested stock-based awards with performance-based vesting conditions for which performance conditions not deemed probable	$ 100
Number of share of common stock receivable upon vesting | shares	1
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance | shares	5,720,173
2020 Plan | Restricted Stock Units ("RSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company. The Company also grants RSUs with performance-based vesting conditions for which performance was not deemed probable at March 31, 2022.
Share-based Compensation Arrangement By Share-based Payment Award Grant Service Conditions to Vest Number of Annual Installments | Installment	4

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Expected volatility	73.00%	74.00%
Risk-free interest rate, minimum	1.47%	0.88%
Risk-free interest rate, maximum	2.44%	1.13%
Expected term (in years)	6 years	6 years

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity and Related Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options
Outstanding, beginning of period	7,967,750
Granted	173,293
Exercised	(9,583)
Canceled	(182,789)
Outstanding, end of period	7,948,671	7,967,750
Options exercisable as of March 31, 2022	2,301,146
Options vested or expected to vest as of March 31, 2022	7,948,671
Weighted Average Exercise Price
Outstanding, beginning of period	$ 9.35
Granted	8.85
Exercised	1.93
Canceled	11.12
Outstanding, end of period	9.30	$ 9.35
Options exercisable as of March 31, 2022	6.67
Options vested or expected to vest as of March 31, 2022	$ 9.30
Weighted Average Remaining Life (in years)
Outstanding	8 years 6 months	8 years 8 months 12 days
Options exercisable as of March 31, 2022	8 years 1 month 6 days
Options vested or expected to vest as of March 31, 2022	8 years 6 months
Aggregate Intrinsic Value
Outstanding	$ 26,071	$ 36,946
Options exercisable as of March 31, 2022	11,253
Options vested or expected to vest as of March 31, 2022	$ 26,071

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units ("RSUs") - 2020 Plan	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares Underlying RSUs
Issued and unvested as of January 1, 2021 | shares	1,056,984
Granted | shares	41,900
Vested | shares	(49,955)
Forfeited | shares	(23,021)
Issued and unvested as of March 31, 2022 | shares	1,025,908
Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2021 | $ / shares	$ 16.99
Granted | $ / shares	8.91
Vested | $ / shares	15.05
Forfeited | $ / shares	17.67
Issued and unvested as of March 31, 2022 | $ / shares	$ 16.74

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Common Stock Award Activity (Details) - Restricted Common Stock	3 Months Ended
	Mar. 31, 2022shares
Number of Restricted Shares
Issued and unvested as of January 1, 2021	38,141
Vested	(20,504)
Issued and unvested as of March 31, 2022	17,637

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,488	$ 3,652
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,034	1,571
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,454	$ 2,081

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (35,583)	$ (24,968)

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases for the Sublease (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lease liability	$ 4,711	$ 3,893
Lease liability, net of current portion	$ 28,066	$ 28,743

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Subsequent Event [Line Items]
Offering price	$ 157,237