Dyne Therapeutics (DYN) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	DYN
Security Exchange Name	NASDAQ
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 Shell Company	false
Entity Common Stock, Shares Outstanding		61,020,486

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 167,608	$ 172,147
Marketable securities	40,125	83,865
Prepaid expenses and other current assets	5,440	9,582
Total current assets	213,173	265,594
Property and equipment, net	5,359	5,945
Right-of-use assets	30,566	32,467
Restricted cash	2,323	2,319
Total assets	251,421	306,325
Current liabilities:
Accounts payable	2,724	5,259
Accrued expenses and other current liabilities	12,784	18,219
Lease liabilities	4,713	4,610
Total current liabilities	20,221	28,088
Lease liabilities, net of current portion	24,323	25,873
Total liabilities	44,544	53,961
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 61,013,986 and 55,636,505 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	712,589	649,502
Accumulated other comprehensive loss	(56)	(571)
Accumulated deficit	(505,662)	(396,573)
Total stockholders’ equity	206,877	252,364
Total liabilities and stockholders’ equity	$ 251,421	$ 306,325

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	61,013,986	55,636,505
Common stock, shares outstanding	61,013,986	55,636,505

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 59,130	$ 46,664	$ 96,667	$ 74,899
General and administrative	7,606	6,091	15,533	13,638
Total operating expenses	66,736	52,755	112,200	88,537
Loss from operations	(66,736)	(52,755)	(112,200)	(88,537)
Other (expense) income:
Interest income	2,207	441	3,700	671
Other income (expense), net	(373)	10	(589)	(21)
Total other (expense) income, net	1,834	451	3,111	650
Net loss	$ (64,902)	$ (52,304)	$ (109,089)	$ (87,887)
Net loss per share - basic	$ (1.08)	$ (1.01)	$ (1.88)	$ (1.7)
Net loss per share - diluted	$ (1.08)	$ (1.01)	$ (1.88)	$ (1.7)
Weighted-average common shares outstanding, basic	59,835,087	51,679,536	58,090,142	51,640,706
Weighted-average common shares outstanding, diluted	59,835,087	51,679,536	58,090,142	51,640,706
Comprehensive loss:
Net loss	$ (64,902)	$ (52,304)	$ (109,089)	$ (87,887)
Other comprehensive loss:
Unrealized gains (losses) on marketable securities, net	147	(226)	515	(887)
Comprehensive loss	$ (64,755)	$ (52,530)	$ (108,574)	$ (88,774)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
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
Stock-based compensation	4,488		4,488
Vesting of restricted shares		20,504
Vesting of restricted stock units		49,955
Unrealized gain 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
Beginning Balance at Dec. 31, 2021	368,197	$ 6	596,934	(269)	(228,474)
Beginning Balance, Shares at Dec. 31, 2021		51,569,381
Unrealized gain on marketable securities	(887)
Net loss	(87,887)
Ending Balance at Jun. 30, 2022	287,059	$ 6	604,570	(1,156)	(316,361)
Ending Balance, Shares at Jun. 30, 2022		51,734,361
Beginning Balance at Mar. 31, 2022	336,459	$ 6	601,440	(930)	(264,057)
Beginning Balance, Shares at Mar. 31, 2022		51,649,423
Exercise of stock options	99		99
Exercise of stock options, Shares		32,367
Stock-based compensation	3,031		3,031
Vesting of restricted shares		10,664
Vesting of restricted stock units		41,907
Unrealized gain on marketable securities	(226)			(226)
Net loss	(52,304)				(52,304)
Ending Balance at Jun. 30, 2022	287,059	$ 6	604,570	(1,156)	(316,361)
Ending Balance, Shares at Jun. 30, 2022		51,734,361
Beginning Balance at Dec. 31, 2022	252,364	$ 6	649,502	(571)	(396,573)
Beginning Balance, Shares at Dec. 31, 2022		55,636,505
Issuance of stock, net of issuance costs	28,186		28,186
Issuance of stock, net of issuance costs, Shares		2,335,150
Exercise of stock options	587		587
Exercise of stock options, Shares		232,292
Stock-based compensation	4,617		4,617
Vesting of restricted shares		101,533
Unrealized gain on marketable securities	368			368
Net loss	(44,187)				(44,187)
Ending Balance at Mar. 31, 2023	241,935	$ 6	682,892	(203)	(440,760)
Ending Balance, Shares at Mar. 31, 2023		58,305,480
Beginning Balance at Dec. 31, 2022	$ 252,364	$ 6	649,502	(571)	(396,573)
Beginning Balance, Shares at Dec. 31, 2022		55,636,505
Exercise of stock options, Shares	664,918
Unrealized gain on marketable securities	$ 515
Net loss	(109,089)
Ending Balance at Jun. 30, 2023	206,877	$ 6	712,589	(56)	(505,662)
Ending Balance, Shares at Jun. 30, 2023		61,013,986
Beginning Balance at Mar. 31, 2023	241,935	$ 6	682,892	(203)	(440,760)
Beginning Balance, Shares at Mar. 31, 2023		58,305,480
Issuance of stock, net of issuance costs	24,184		24,184
Issuance of stock, net of issuance costs, Shares		2,173,913
Exercise of stock options	764		764
Exercise of stock options, Shares		432,626
Stock-based compensation	4,749		4,749
Vesting of restricted shares		101,967
Unrealized gain on marketable securities	147			147
Net loss	(64,902)				(64,902)
Ending Balance at Jun. 30, 2023	$ 206,877	$ 6	$ 712,589	$ (56)	$ (505,662)
Ending Balance, Shares at Jun. 30, 2023		61,013,986

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Common Stock
Stock issuance costs	$ 800	$ 1,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (109,089)	$ (87,887)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	9,366	7,519
Depreciation and amortization expense	843	885
Non-cash lease expense	454	2,183
Amortization (accretion) of premium on marketable securities	(543)	1,011
Loss on sale of marketable securities	23	21
Loss on disposal of property and equipment	118	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	4,175	(656)
Accounts payable and other liabilities	(7,897)	(4,724)
Net cash used in operating activities	(102,550)	(81,648)
Cash flows from investing activities:
Purchases of property and equipment	(480)	(1,662)
Purchases of marketable securities	(34,684)	(89,530)
Maturities of marketable securities	77,629	104,740
Sales of marketable securities	1,829	2,759
Net cash provided by investing activities	44,294	16,307
Cash flows from financing activities:
Proceeds from issuance of common stock in public offering, net of issuance costs	52,370	0
Proceeds from exercise of stock options	1,351	117
Net cash provided by financing activities	53,721	117
Net decrease in cash, cash equivalents and restricted cash	(4,535)	(65,224)
Cash, cash equivalents and restricted cash, beginning of period	174,466	203,519
Cash, cash equivalents and restricted cash, end of period	169,931	138,295
Supplemental disclosures of cash flow information:
Purchase of property and equipment in accounts payable	$ 10	$ 230

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 a clinical-stage 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 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. 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 equity securities. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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 2, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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 exchange price 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: June 30, 2023 2022 Options to purchase common stock 9,162,462 8,088,441 Unvested restricted common stock — 6,973 Unvested restricted stock units 1,555,356 1,017,273 Total 10,717,818 9,112,687

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2023
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. Cash, cash equivalents and restricted cash consisted of the following: June 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 167,608 $ 172,147 Restricted cash 2,323 2,319 Total $ 169,931 $ 174,466

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables set forth marketable securities for the periods presented: As of June 30, 2023 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 909 $ — $ — $ 909 Corporate debt securities 12,874 1 ( 45 ) 12,830 U.S. treasury notes 26,398 1 ( 13 ) 26,386 Total $ 40,181 $ 2 $ ( 58 ) $ 40,125 As of December 31, 2022 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 3,955 $ — $ — $ 3,955 Corporate debt securities 57,231 — ( 526 ) 56,705 Certificates of deposit 4,984 — — 4,984 U.S. treasury notes 18,266 1 ( 46 ) 18,221 Total $ 84,436 $ 1 $ ( 572 ) $ 83,865 The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented: Fair value measurements as of June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 75,580 $ — $ — $ 75,580 Corporate debt securities — 565 — 565 U.S. treasury notes 6,729 — — 6,729 Marketable securities Commercial paper 909 — — 909 Corporate debt securities — 12,830 — 12,830 U.S. treasury notes 26,386 — — 26,386 Total $ 109,604 $ 13,395 $ — $ 122,999 Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 9,381 $ — $ — $ 9,381 Corporate debt securities — 3,852 — 3,852 U.S. treasury notes 811 — — 811 Marketable securities Commercial paper 3,955 — — 3,955 Corporate debt securities — 56,705 — 56,705 Certificates of deposit — 4,984 — 4,984 U.S. treasury notes 18,221 — — 18,221 Total $ 32,368 $ 65,541 $ — $ 97,909 The fair value of U.S. treasury notes, money market funds and commercial paper 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 for the periods presented: (in thousands) June 30, 2023 Maturing in one year or less $ 40,125 Maturing after one year through two years — Maturing after two years — Total $ 40,125 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	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment consisted of the following: June 30, December 31, (in thousands) 2023 2022 Laboratory equipment $ 7,350 $ 6,770 Office and computer equipment 1,993 1,898 Construction in process 474 906 Property and equipment—at cost 9,817 9,574 Less accumulated depreciation and amortization ( 4,458 ) ( 3,629 ) Property and equipment—net $ 5,359 $ 5,945 Depreciation and amortization expense for the three and six months ended June 30, 2023 was $ 0.4 million and $ 0.8 million, respectively. Depreciation and amortization expense for the three and six months ended June 30, 2022 was $ 0.5 million and $ 0.9 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 Payroll and benefits $ 3,730 $ 5,935 Consulting services 723 776 Legal services 698 410 Research and development 7,633 11,097 Facility costs — 1 Total $ 12,784 $ 18,219

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	7. Stockholders' Equity Common Stock In November 2021, the Company entered into an Open Market Sale Agreement (the "Sales Agreement") with Jefferies LLC as the Company's sales agent, pursuant to which, from time to time, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $ 150.0 million in an "at-the-market" offering. During the three months ended June 30, 2023 , the Company issued and sold an aggregate of 2,173,913 shares of common stock pursuant to the Sales Agreement for aggregate net proceeds of $ 24.2 million, after deducting fees. The Company sold such shares at a weighted average price of $ 11.50 per share. During the six months ended June 30, 2023 , the Company issued and sold an aggregate of 4,509,063 shares of common stock pursuant to the Sales Agreement for aggregate net proceeds of $ 52.4 million, after deducting fees. The Company sold such shares at a weighted average price of $ 12.01 per share. 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 June 30, 2023 , 5,282,981 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 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: Six Months Ended June 30, 2023 2022 Expected volatility 67 % 71 % Risk-free interest rate 3.42 % — 4.22 % 1.47 % — 3.55 % 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 six months ended June 30, 2023 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding as of January 1, 2023 9,381,429 $ 9.59 8.2 $ 34,879 Granted 603,900 12.65 Exercised ( 664,918 ) 2.03 Canceled ( 157,949 ) 10.10 Outstanding as of June 30, 2023 9,162,462 $ 10.33 7.8 $ 26,459 Options exercisable as of June 30, 2023 4,593,693 $ 9.51 7.2 $ 18,349 Options vested or expected to vest as of June 30, 2023 9,162,462 $ 10.33 7.8 $ 26,459 The intrinsic value of options exercised for the six months ended June 30, 2023 and 2022 totaled $ 7.0 million and $ 0.2 million, respectively. The weighted-average grant date fair value of the options granted during the six months ended June 30, 2023 and 2022 was $ 7.93 and $ 4.54 per share, respectively. As of June 30, 2023 there was $ 28.1 million of unrecognized compensation expense, which the Company expects to recognize over a weighted-average period of 2.3 years. 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, RSUs with service conditions that vest in sixteen equal quarterly installments provided that the employee remains employed with the Company and RSUs with performance-based vesting conditions. 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 six months ended June 30, 2023 is as follows: Number of Shares Underlying RSUs Weighted Issued and unvested as of January 1, 2023 1,695,191 $ 13.02 Granted 109,000 12.13 Vested ( 203,500 ) 12.18 Forfeited ( 45,335 ) 11.88 Issued and unvested as of June 30, 2023 1,555,356 $ 13.10 As of June 30, 2023 , there was $ 16.8 million of unrecognized compensation costs ​​​​​​​related to unvested RSUs, which are expected to be recognized over a weighted-average period of 2.9 years. The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 2,707 $ 1,957 $ 5,334 $ 3,990 General and administrative 2,042 1,074 4,032 3,529 Total $ 4,749 $ 3,031 $ 9,366 $ 7,519

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Fair Value Measurements	Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price 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: June 30, 2023 2022 Options to purchase common stock 9,162,462 8,088,441 Unvested restricted common stock — 6,973 Unvested restricted stock units 1,555,356 1,017,273 Total 10,717,818 9,112,687

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
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: June 30, 2023 2022 Options to purchase common stock 9,162,462 8,088,441 Unvested restricted common stock — 6,973 Unvested restricted stock units 1,555,356 1,017,273 Total 10,717,818 9,112,687

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2023
Restricted Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: June 30, December 31, (in thousands) 2023 2022 Cash and cash equivalents $ 167,608 $ 172,147 Restricted cash 2,323 2,319 Total $ 169,931 $ 174,466

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Marketable Securities by Security Type	The following tables set forth marketable securities for the periods presented: As of June 30, 2023 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 909 $ — $ — $ 909 Corporate debt securities 12,874 1 ( 45 ) 12,830 U.S. treasury notes 26,398 1 ( 13 ) 26,386 Total $ 40,181 $ 2 $ ( 58 ) $ 40,125 As of December 31, 2022 (in thousands) Amortized Unrealized Unrealized Total Commercial paper $ 3,955 $ — $ — $ 3,955 Corporate debt securities 57,231 — ( 526 ) 56,705 Certificates of deposit 4,984 — — 4,984 U.S. treasury notes 18,266 1 ( 46 ) 18,221 Total $ 84,436 $ 1 $ ( 572 ) $ 83,865
Summary of Assets Carried at Fair Value on Recurring Basis	The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented: Fair value measurements as of June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 75,580 $ — $ — $ 75,580 Corporate debt securities — 565 — 565 U.S. treasury notes 6,729 — — 6,729 Marketable securities Commercial paper 909 — — 909 Corporate debt securities — 12,830 — 12,830 U.S. treasury notes 26,386 — — 26,386 Total $ 109,604 $ 13,395 $ — $ 122,999 Fair Value Measurements as of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market funds $ 9,381 $ — $ — $ 9,381 Corporate debt securities — 3,852 — 3,852 U.S. treasury notes 811 — — 811 Marketable securities Commercial paper 3,955 — — 3,955 Corporate debt securities — 56,705 — 56,705 Certificates of deposit — 4,984 — 4,984 U.S. treasury notes 18,221 — — 18,221 Total $ 32,368 $ 65,541 $ — $ 97,909
Summary of Scheduled Maturity for Marketable Securities	The following table summarizes the scheduled maturity for the Company's marketable securities for the periods presented: (in thousands) June 30, 2023 Maturing in one year or less $ 40,125 Maturing after one year through two years — Maturing after two years — Total $ 40,125

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: June 30, December 31, (in thousands) 2023 2022 Laboratory equipment $ 7,350 $ 6,770 Office and computer equipment 1,993 1,898 Construction in process 474 906 Property and equipment—at cost 9,817 9,574 Less accumulated depreciation and amortization ( 4,458 ) ( 3,629 ) Property and equipment—net $ 5,359 $ 5,945

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 Payroll and benefits $ 3,730 $ 5,935 Consulting services 723 776 Legal services 698 410 Research and development 7,633 11,097 Facility costs — 1 Total $ 12,784 $ 18,219

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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: Six Months Ended June 30, 2023 2022 Expected volatility 67 % 71 % Risk-free interest rate 3.42 % — 4.22 % 1.47 % — 3.55 % 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 six months ended June 30, 2023 is as follows: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding as of January 1, 2023 9,381,429 $ 9.59 8.2 $ 34,879 Granted 603,900 12.65 Exercised ( 664,918 ) 2.03 Canceled ( 157,949 ) 10.10 Outstanding as of June 30, 2023 9,162,462 $ 10.33 7.8 $ 26,459 Options exercisable as of June 30, 2023 4,593,693 $ 9.51 7.2 $ 18,349 Options vested or expected to vest as of June 30, 2023 9,162,462 $ 10.33 7.8 $ 26,459
Summary of RSU Activity	A summary of the Company’s RSU activity and related information for the six months ended June 30, 2023 is as follows: Number of Shares Underlying RSUs Weighted Issued and unvested as of January 1, 2023 1,695,191 $ 13.02 Granted 109,000 12.13 Vested ( 203,500 ) 12.18 Forfeited ( 45,335 ) 11.88 Issued and unvested as of June 30, 2023 1,555,356 $ 13.10
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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 2,707 $ 1,957 $ 5,334 $ 3,990 General and administrative 2,042 1,074 4,032 3,529 Total $ 4,749 $ 3,031 $ 9,366 $ 7,519

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Nature Of Business And Basis Of Presentation [Line Items]
Entity incorporation date	Dec. 01, 2017

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Total	$ 10,717,818	$ 9,112,687
Unvested Restricted Stock Units
Total	1,555,356	1,017,273
Options to purchase common stock
Total	9,162,462	8,088,441
Unvested restricted common stock
Total	$ 0	$ 6,973

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalent maturity period	90 days

Cash, Cash Equivalents and Re_4

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 167,608	$ 172,147
Restricted cash	2,323	2,319
Total	$ 169,931	$ 174,466

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Marketable Securities by Security Type (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 40,181	$ 84,436
Unrealized Gains	2	1
Unrealized Losses	(58)	(572)
Total	40,125	83,865
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	909	3,955
Total	909	3,955
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		4,984
Total		4,984
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,874	57,231
Unrealized Gains	1
Unrealized Losses	(45)	(526)
Total	12,830	56,705
U.S. treasury notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,398	18,266
Unrealized Gains	1	1
Unrealized Losses	(13)	(46)
Total	$ 26,386	$ 18,221

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	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total	$ 122,999	$ 97,909
Level 1
Assets:
Total	109,604	32,368
Level 2
Assets:
Total	13,395	65,541
Cash Equivalents | Money Market Funds
Assets:
Total	75,580	9,381
Cash Equivalents | Corporate Debt Securities
Assets:
Total	565	3,852
Cash Equivalents | U.S. treasury notes
Assets:
Total	6,729	811
Cash Equivalents | Level 1 | Money Market Funds
Assets:
Total	75,580	9,381
Cash Equivalents | Level 1 | U.S. treasury notes
Assets:
Total	6,729	811
Cash Equivalents | Level 2 | Corporate Debt Securities
Assets:
Total	565	3,852
Marketable Securities | Commercial Paper
Assets:
Total	909	3,955
Marketable Securities | Certificates of Deposit
Assets:
Total		4,984
Marketable Securities | Corporate Debt Securities
Assets:
Total	12,830	56,705
Marketable Securities | U.S. treasury notes
Assets:
Total	26,386	18,221
Marketable Securities | Level 1 | Commercial Paper
Assets:
Total	909	3,955
Marketable Securities | Level 1 | U.S. treasury notes
Assets:
Total	26,386	18,221
Marketable Securities | Level 2 | Certificates of Deposit
Assets:
Total		4,984
Marketable Securities | Level 2 | Corporate Debt Securities
Assets:
Total	$ 12,830	$ 56,705

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
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	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Maturing in one year or less	$ 40,125
Maturing after one year through two years	0
Maturing after two years	0
Total	$ 40,125

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 9,817	$ 9,574
Less accumulated depreciation and amortization	(4,458)	(3,629)
Property and equipment—net	5,359	5,945
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	7,350	6,770
Office and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment—at cost	1,993	1,898
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment—at cost	$ 474	$ 906

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 400	$ 500	$ 843	$ 885

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, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and benefits	$ 3,730	$ 5,935
Consulting services	723	776
Legal services	698	410
Research and development	7,633	11,097
Facility costs	0	1
Total	$ 12,784	$ 18,219

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) Installment $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 shares	Nov. 30, 2021 USD ($)
Stock based compensation expense reversal
Common stock, shares issued | shares	61,013,986	61,013,986		55,636,505
Weighted-average grant date fair value of options granted | $ / shares		$ 7.93	$ 4.54
Intrinsic value of options exercised		$ 7	$ 0.2
Common Stock [Member]
Stock based compensation expense reversal
Common stock aggregate offer price					$ 150
Common stock, shares issued | shares	4,509,063	4,509,063
Net proceeds from issuance of common stock		$ 52.4
Sale price per share | $ / shares	$ 12.01	$ 12.01
Common Stock [Member] | Sales Agreement [Member]
Stock based compensation expense reversal
Common stock, shares issued | shares	2,173,913	2,173,913
Net proceeds from issuance of common stock	$ 24.2
Sale price per share | $ / shares	$ 11.5	$ 11.5
Stock Option
Stock based compensation expense reversal
Unrecognized compensation expense	$ 28.1	$ 28.1
Unrecognized share based compensation expense, recognition period		2 years 3 months 18 days
Restricted Stock Units ("RSUs")
Stock based compensation expense reversal
Unrecognized compensation expense	$ 16.8	$ 16.8
Unrecognized share based compensation expense, recognition period		2 years 10 months 24 days
Number of share of common stock receivable upon vesting | shares		1
2020 Plan
Stock based compensation expense reversal
Number of shares available for future issuance | shares	5,282,981	5,282,981
2020 Plan | Restricted Stock Units ("RSUs")
Stock based compensation expense reversal
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, RSUs with service conditions that vest in sixteen equal quarterly installments provided that the employee remains employed with the Company and RSUs with performance-based vesting conditions.
Share-based Compensation Arrangement By Share-based Payment Award Grant Service Conditions to Vest Number of Annual Installments | Installment		4

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	67%	71%
Risk-free interest rate, minimum	3.42%	1.47%
Risk-free interest rate, maximum	4.22%	3.55%
Expected term (in years)	6 years	6 years

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Options
Outstanding, beginning of period | shares	9,381,429
Granted | shares	603,900
Exercised | shares	(664,918)
Canceled | shares	(157,949)
Outstanding, end of period | shares	9,162,462	9,381,429
Options exercisable as of June 30, 2023 | shares	4,593,693
Options vested or expected to vest as of June 30, 2023 | shares	9,162,462
Weighted Average Exercise Price
Outstanding, beginning of period | $ / shares	$ 9.59
Granted | $ / shares	12.65
Exercised | $ / shares	2.03
Canceled | $ / shares	10.1
Outstanding, end of period | $ / shares	10.33	$ 9.59
Options exercisable as of June 30, 2023 | $ / shares	9.51
Options vested or expected to vest as of June 30, 2023 | $ / shares	$ 10.33
Weighted Average Remaining Life (in years)
Outstanding	7 years 9 months 18 days	8 years 2 months 12 days
Options exercisable as of June 30, 2023	7 years 2 months 12 days
Options vested or expected to vest as of June 30, 2023	7 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding | $	$ 26,459	$ 34,879
Options exercisable as of June 30, 2023 | $	18,349
Options vested or expected to vest as of June 30, 2023 | $	$ 26,459

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of RSU Activity (Details) - Restricted Stock Units ("RSUs") - 2020 Plan	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares Underlying RSUs
Issued and unvested as of January 1, 2023 | shares	1,695,191
Granted | shares	109,000
Vested | shares	(203,500)
Forfeited | shares	(45,335)
Issued and unvested as of June 30, 2023 | shares	1,555,356
Weighted Average Grant Date Fair Value
Issued and unvested as of January 1, 2023 | $ / shares	$ 13.02
Granted | $ / shares	12.13
Vested | $ / shares	12.18
Forfeited | $ / shares	11.88
Issued and unvested as of June 30, 2023 | $ / shares	$ 13.1

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,749	$ 3,031	$ 9,366	$ 7,519
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,707	1,957	5,334	3,990
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,042	$ 1,074	$ 4,032	$ 3,529