Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | TANGO THERAPEUTICS, INC. | |
Trading Symbol | TNGX | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001819133 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-39485 | |
Entity Tax Identification Number | 85-1195036 | |
Entity Address, Address Line One | 100 Binney St. | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 857 | |
Local Phone Number | 320-4900 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 87,546,430 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 204,974 | $ 28,381 |
Marketable securities | 298,831 | 161,939 |
Accounts receivable | 8,000 | 2,000 |
Prepaid expenses and other current assets | 4,534 | 1,312 |
Total current assets | 516,339 | 193,632 |
Property and equipment, net | 4,706 | 3,823 |
Operating lease right-of-use assets | 6,732 | 7,480 |
Restricted cash | 2,279 | 2,279 |
Other assets | 81 | 38 |
Total assets | 530,137 | 207,252 |
Current liabilities: | ||
Accounts payable | 3,109 | 1,841 |
Accrued expenses and other current liabilities | 9,978 | 6,140 |
Operating lease liabilities | 1,092 | 959 |
Deferred revenue | 27,807 | 31,977 |
Total current liabilities | 41,986 | 40,917 |
Operating lease liabilities, net of current portion | 6,089 | 6,925 |
Deferred revenue, net of current portion | 116,649 | 120,805 |
Other long-term liabilities | 5 | |
Total liabilities | 164,724 | 168,652 |
Commitments and contingencies | ||
Preferred stock | ||
Stockholders' equity: | ||
Common stock | 88 | 40 |
Additional paid-in capital | 504,625 | 141,644 |
Accumulated other comprehensive (loss) income | (10) | 17 |
Accumulated deficit | (139,290) | (103,101) |
Total stockholders' equity | 365,413 | 38,600 |
Total liabilities and stockholders' equity | $ 530,137 | $ 207,252 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Temporary Equity, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Temporary Equity, Shares Authorized | 10,000,000 | 10,000,000 |
Temporary Equity, Shares Issued | 0 | 0 |
Temporary Equity, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 56,393,261 |
Common Stock, Shares, Issued | 87,544,002 | 40,372,133 |
Common Stock, Shares, Outstanding | 87,544,002 | 40,372,133 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total revenue | $ 6,787 | $ (11,261) | $ 31,326 | $ (1,486) |
Operating expenses: | ||||
Research and development | 21,923 | 12,977 | 56,002 | 34,928 |
General and administrative | 4,433 | 2,518 | 11,530 | 6,849 |
Total operating expenses | 26,356 | 15,495 | 67,532 | 41,777 |
Loss from operations | (19,569) | (26,756) | (36,206) | (43,263) |
Other income (expense): | ||||
Interest income (expense) | 91 | (50) | 299 | 37 |
Other (expense) income, net | (50) | 4 | (167) | 118 |
Total other income (expense), net | 41 | (46) | 132 | 155 |
Loss before income taxes | (19,528) | (26,802) | (36,074) | (43,108) |
Provision for income taxes | (62) | 0 | (115) | 0 |
Net loss | $ (19,590) | $ (26,802) | $ (36,189) | $ (43,108) |
Net loss per common share – basic and diluted | $ (0.28) | $ (0.76) | $ (0.68) | $ (1.48) |
Weighted average number of common shares outstanding – basic and diluted | 70,160,663 | 35,069,988 | 53,397,557 | 29,176,082 |
Net loss | $ (19,590) | $ (26,802) | $ (36,189) | $ (43,108) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on marketable securities | (12) | 15 | (27) | 16 |
Comprehensive loss | (19,602) | (26,787) | (36,216) | (43,092) |
Collaboration Revenue [Member] | ||||
Total revenue | $ 6,787 | (11,275) | 20,326 | (2,169) |
License Revenue [Member] | ||||
Total revenue | $ 14 | $ 11,000 | $ 683 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Redeemable Convertible Preferred Stock Series A [Member] | Redeemable Convertible Preferred Stock Series B [Member] | Redeemable Convertible Preferred Stock Series B-1 [Member] |
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2019 | $ (47,795) | $ 5 | $ 3,319 | $ 10 | $ (51,129) | |||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 4,530,115 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2019 | $ 55,700 | |||||||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 55,700,000 | |||||||
Retroactive application of recapitalization at Dec. 31, 2019 | 55,700 | $ 19 | 55,681 | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 18,922,317 | |||||||
Retroactive application of recapitalization at Dec. 31, 2019 | $ (55,700) | |||||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | (55,700,000) | |||||||
Balance at the beginning at Dec. 31, 2019 | 7,905 | $ 24 | 59,000 | 10 | (51,129) | |||
Balance at the beginning (in Shares) at Dec. 31, 2019 | 23,452,432 | |||||||
Repurchases of restricted common stock awards, (in Shares) | (25,479) | |||||||
Vesting of restricted common stock awards | 3 | 3 | ||||||
Stock based compensation expense | 408 | 408 | ||||||
Other comprehensive income (loss) | 15 | 15 | ||||||
Net loss | (7,914) | (7,914) | ||||||
Balance at the ending at Mar. 31, 2020 | 417 | $ 24 | 59,411 | 25 | (59,043) | |||
Balance at the ending (in Shares) at Mar. 31, 2020 | 23,426,953 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2019 | (47,795) | $ 5 | 3,319 | 10 | (51,129) | |||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 4,530,115 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2019 | $ 55,700 | |||||||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 55,700,000 | |||||||
Retroactive application of recapitalization at Dec. 31, 2019 | 55,700 | $ 19 | 55,681 | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | 18,922,317 | |||||||
Retroactive application of recapitalization at Dec. 31, 2019 | $ (55,700) | |||||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2019 | (55,700,000) | |||||||
Balance at the beginning at Dec. 31, 2019 | 7,905 | $ 24 | 59,000 | 10 | (51,129) | |||
Balance at the beginning (in Shares) at Dec. 31, 2019 | 23,452,432 | |||||||
Net loss | (43,108) | |||||||
Balance at the ending at Sep. 30, 2020 | 46,909 | $ 40 | 141,080 | 26 | (94,237) | |||
Balance at the ending (in Shares) at Sep. 30, 2020 | 40,353,071 | |||||||
Balance at the beginning at Mar. 31, 2020 | 417 | $ 24 | 59,411 | 25 | (59,043) | |||
Balance at the beginning (in Shares) at Mar. 31, 2020 | 23,426,953 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 29,761 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, (in Shares) | 22,686,025 | |||||||
Retroactive application of recapitalization | 29,761 | $ 8 | 29,753 | |||||
Retroactive application of recapitalization (in Shares) | 7,706,861 | |||||||
Retroactive application of recapitalization | $ (29,761) | |||||||
Retroactive application of recapitalization (in Shares) | (22,686,025) | |||||||
Exercise of stock options | 9 | 9 | ||||||
Exercise of stock options, (in Shares) | 6,688 | |||||||
Vesting of restricted common stock awards | 3 | 3 | ||||||
Stock based compensation expense | 407 | 407 | ||||||
Other comprehensive income (loss) | (14) | (14) | ||||||
Net loss | (8,392) | (8,392) | ||||||
Balance at the ending at Jun. 30, 2020 | 22,191 | $ 32 | 89,583 | 11 | (67,435) | |||
Balance at the ending (in Shares) at Jun. 30, 2020 | 31,140,502 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 51,083 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, (in Shares) | 27,152,255 | |||||||
Retroactive application of recapitalization | 51,083 | $ 8 | 51,075 | |||||
Retroactive application of recapitalization (in Shares) | 9,224,122 | |||||||
Retroactive application of recapitalization | $ (51,083) | |||||||
Retroactive application of recapitalization (in Shares) | (27,152,255) | |||||||
Repurchases of restricted common stock awards, (in Shares) | (12,695) | |||||||
Exercise of stock options | 1 | 1 | ||||||
Exercise of stock options, (in Shares) | 1,142 | |||||||
Vesting of restricted common stock awards | 3 | 3 | ||||||
Stock based compensation expense | 418 | 418 | ||||||
Other comprehensive income (loss) | 15 | 15 | ||||||
Net loss | (26,802) | (26,802) | ||||||
Balance at the ending at Sep. 30, 2020 | 46,909 | $ 40 | 141,080 | 26 | (94,237) | |||
Balance at the ending (in Shares) at Sep. 30, 2020 | 40,353,071 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2020 | (97,944) | $ 4 | 5,136 | 17 | (103,101) | |||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 4,518,833 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2020 | $ 55,700 | $ 29,761 | $ 51,083 | |||||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 55,700,000 | 22,686,025 | 27,152,255 | |||||
Retroactive application of recapitalization at Dec. 31, 2020 | 136,544 | $ 36 | 136,508 | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 35,853,300 | |||||||
Retroactive application of recapitalization at Dec. 31, 2020 | $ (55,700) | $ (29,761) | $ (51,083) | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | (55,700,000) | (22,686,025) | (27,152,255) | |||||
Balance at the beginning at Dec. 31, 2020 | 38,600 | $ 40 | 141,644 | 17 | (103,101) | |||
Balance at the beginning (in Shares) at Dec. 31, 2020 | 40,372,133 | |||||||
Balance at the beginning at Dec. 31, 2020 | ||||||||
Balance at the beginning (in Shares) at Dec. 31, 2020 | 0 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 29,990 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, (in Shares) | 22,686,026 | |||||||
Retroactive application of recapitalization | $ 29,990 | $ 8 | 29,982 | |||||
Retroactive application of recapitalization (in Shares) | 7,706,861 | |||||||
Retroactive application of recapitalization | $ (29,990) | |||||||
Retroactive application of recapitalization (in Shares) | (22,686,026) | |||||||
Exercise of stock options | 440 | $ 1 | 439 | |||||
Exercise of stock options, (in Shares) | 304,080 | |||||||
Vesting of restricted common stock awards | 2 | 2 | ||||||
Stock based compensation expense | 950 | 950 | ||||||
Other comprehensive income (loss) | 15 | 15 | ||||||
Net loss | (12,106) | (12,106) | ||||||
Balance at the ending at Mar. 31, 2021 | 57,891 | $ 49 | 173,017 | 32 | (115,207) | |||
Balance at the ending (in Shares) at Mar. 31, 2021 | 48,383,074 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2020 | (97,944) | $ 4 | 5,136 | 17 | (103,101) | |||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 4,518,833 | |||||||
Balance at the beginning before retroactive application of recapitalization at Dec. 31, 2020 | $ 55,700 | $ 29,761 | $ 51,083 | |||||
Balance at the beginning before retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 55,700,000 | 22,686,025 | 27,152,255 | |||||
Retroactive application of recapitalization at Dec. 31, 2020 | 136,544 | $ 36 | 136,508 | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | 35,853,300 | |||||||
Retroactive application of recapitalization at Dec. 31, 2020 | $ (55,700) | $ (29,761) | $ (51,083) | |||||
Retroactive application of recapitalization (in Shares) at Dec. 31, 2020 | (55,700,000) | (22,686,025) | (27,152,255) | |||||
Balance at the beginning at Dec. 31, 2020 | 38,600 | $ 40 | 141,644 | 17 | (103,101) | |||
Balance at the beginning (in Shares) at Dec. 31, 2020 | 40,372,133 | |||||||
Balance at the beginning at Dec. 31, 2020 | ||||||||
Balance at the beginning (in Shares) at Dec. 31, 2020 | 0 | |||||||
Exercise of stock options, (in Shares) | 584,561 | |||||||
Net loss | $ (36,189) | |||||||
Balance at the ending at Sep. 30, 2021 | 365,413 | $ 88 | 504,625 | (10) | (139,290) | |||
Balance at the ending (in Shares) at Sep. 30, 2021 | 87,544,002 | |||||||
Balance at the ending at Sep. 30, 2021 | ||||||||
Balance at the ending (in Shares) at Sep. 30, 2021 | 0 | |||||||
Balance at the beginning at Mar. 31, 2021 | $ 57,891 | $ 49 | 173,017 | 32 | (115,207) | |||
Balance at the beginning (in Shares) at Mar. 31, 2021 | 48,383,074 | |||||||
Exercise of stock options | 324 | 324 | ||||||
Exercise of stock options, (in Shares) | 210,748 | |||||||
Vesting of restricted common stock awards | 3 | 3 | ||||||
Stock based compensation expense | 1,196 | 1,196 | ||||||
Other comprehensive income (loss) | (30) | (30) | ||||||
Net loss | (4,493) | (4,493) | ||||||
Balance at the ending at Jun. 30, 2021 | 54,891 | $ 49 | 174,540 | 2 | (119,700) | |||
Balance at the ending (in Shares) at Jun. 30, 2021 | 48,593,822 | |||||||
Shares issued in Business Combination and PIPE Financing, net of issuance costs | 326,501 | $ 39 | 326,462 | |||||
Shares issued in Business Combination and PIPE Financing, net of issuance costs (in Shares) | 38,880,436 | |||||||
Exercise of stock options | 193 | 193 | ||||||
Exercise of stock options, (in Shares) | 69,744 | |||||||
Stock based compensation expense | 3,430 | 3,430 | ||||||
Other comprehensive income (loss) | (12) | (12) | ||||||
Net loss | (19,590) | (19,590) | ||||||
Balance at the ending at Sep. 30, 2021 | 365,413 | $ 88 | $ 504,625 | $ (10) | $ (139,290) | |||
Balance at the ending (in Shares) at Sep. 30, 2021 | 87,544,002 | |||||||
Balance at the ending at Sep. 30, 2021 | ||||||||
Balance at the ending (in Shares) at Sep. 30, 2021 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Common Stock [Member] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 15.6 | |||
Redeemable Convertible Preferred Stock Series B [Member] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 0.1 | $ 0.2 | ||
Redeemable Convertible Preferred Stock Series B-1 [Member] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 0.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (36,189) | $ (43,108) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation | 641 | 527 |
Noncash operating lease expense | 748 | 671 |
Stock-based compensation | 5,576 | 1,233 |
Other, net | 171 | (107) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,000) | |
Prepaid expenses and other current assets | (3,222) | 421 |
Other long-term assets | 18 | |
Accounts payable | 867 | 914 |
Accrued expenses and other liabilities | 3,794 | 1,802 |
Operating lease liabilities | (703) | (440) |
Deferred revenue | (8,326) | 126,223 |
Net cash (used in) provided by operating activities | (42,625) | 88,136 |
Cash flows from investing activities | ||
Purchase of property and equipment | (1,141) | (650) |
Sales and maturities of marketable securities | 130,890 | 16,337 |
Purchases of marketable securities | (267,976) | (101,943) |
Net cash used in investing activities | (138,227) | (86,256) |
Cash flows from financing activities | ||
Proceeds from issuance of preferred stock, net of issuance costs | 29,990 | 80,934 |
Proceeds from issuance of common stock upon exercise of stock options | 957 | 11 |
Business Combination and PIPE Financing, gross proceeds | 342,113 | |
Payment of Business Combination and PIPE Financing transaction costs | (15,615) | |
Net cash provided by financing activities | 357,445 | 80,945 |
Net change in cash, cash equivalents and restricted cash | 176,593 | 82,825 |
Cash, cash equivalents and restricted cash, beginning of period | 30,660 | 25,168 |
Cash, cash equivalents and restricted cash, end of period | 207,253 | 107,993 |
Supplemental cash flow information: | ||
Cash paid for leases | 1,372 | 1,332 |
Supplemental disclosure of noncash investing and financing activity: | ||
Conversion of Preferred Shares to Common Shares | 166,534 | |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 417 | $ 7 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Tango Therapeutics, Inc (together with its consolidated subsidiaries, “Tango” or the “Company”) formerly known as BCTG Acquisition Corp. (“BCTG”), was incorporated in Delaware on May 21, 2020. BCTG was a Special Purpose Acquisition Company (“SPAC”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The registration statement for the Company’s initial public offering (“IPO”) was declared effective on September 2, 2020. On September 8, 2020, the Company consummated its Initial Public Offering of 16,675,000 shares of common stock (the “Public Shares”), including the 2,175,000 Public Shares as a result of the underwriters’ full exercise of their over-allotment option, at an offering price of $ 10.00 per Public Share, generating gross proceeds of approximately $ 166.8 million, and incurring offering costs of approximately $ 9.6 million, inclusive of approximately $ 5.8 million in deferred underwriting commissions. Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 533,500 shares of common stock (the “Private Placement shares”), at a price of $ 10.00 per Private Placement Share to the Sponsor, generating gross proceeds of approximately $ 5.3 million. Upon the closing of the Initial Public Offering and the Private Placement, approximately $ 166.8 million ($ 10.00 per share), representing the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (“Trust Account”) in the United States maintained by Continental Stock Transfer & Trust Company, as trustee, and will remain invested only in U.S. government treasury bills, notes and bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act and which invest solely in U.S. Treasuries, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. Merger with BCTG Acquisition Corporation On April 13, 2021, the Company, BCTG Merger Sub Inc., a Delaware corporation, and Tango Therapeutics, Inc. (now known as Tango Therapeutics Sub, Inc. or “Old Tango”) signed a definitive merger agreement (the "Merger Agreement") memorializing the terms of BCTG’s acquisition of 100 % of Old Tango's issued and outstanding equity securities in exchange for $ 550.0 million worth of consideration in the form of BCTG common stock (the “Business Combination”). The Business Combination was approved on August 9, 2021 by shareholders of BCTG, resulting in BCTG acquiring 100% of Old Tango's issued and outstanding equity securities on August 10, 2021. The Business Combination was accounted for as a “reverse recapitalization” in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As a result of the Business Combination, BCTG was renamed Tango Therapeutics, Inc. The Company's common stock is trading on The Nasdaq Global Market under the ticker symbol TNGX . Tango received gross proceeds of $ 167.1 million upon the closing of the Business Combination. Tango continues to operate under the current Tango management team. Simultaneous with the closing of the Business Combination, an aggregate of 18,610,000 shares of common stock (the “PIPE Financing”) were purchased, resulting in gross proceeds of an additional $ 186.1 million upon the closing of the PIPE Financing. Total transaction costs and redemptions approximated $ 26.7 million, resulting in total net proceeds of $ 326.5 million. Description of Business following the Merger The Company is now a precision oncology company committed to the discovery and development of novel new drugs in defined patient populations with high unmet medical need. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated financial statements reflect the operations of Tango and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and nine months ended September 30, 2021 and 2020 are not necessarily indicative of the results for the year ending December 31, 2021, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2020 included in the Company’s Prospectus as filed with the SEC pursuant to Rule 424(b)(3) on October 8, 2021 (the “Prospectus”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Other than policies noted below, there have been no significant changes from the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies , of the audited consolidated financial statements and notes for the year ended December 31, 2020 included in the Company’s Prospectus. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, (“ASC 740”). The ASU enhances and simplifies various aspects of the income tax accounting guidance in Accounting Standards Codification ("ASC") 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance is effective for the Company for annual and interim periods beginning after December 31, 2020; however, early adoption was permitted The Company adopted this standard as of January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815 — 40) . The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share (“EPS”) computation. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company elected to early adopt this guidance on January 1, 2021. The Company issued the second tranche of its redeemable convertible Series B preferred stock in March 2021 at an original issue price of $ 1.32 per share, which would have resulted in the recognition of a beneficial conversion feature of $ 28.4 million prior to the adoption of ASU 2020-06. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination | 3. Business Combination On August 10, 2021 (the "Closing Date"), BCTG, a Delaware corporation and now predecessor of the Company, consummated the Business Combination, pursuant to the Merger Agreement, by and among BCTG, BCTG Merger Sub Inc., a Delaware corporation ("BCTG Merger Sub"), and Old Tango. Prior to consummation of the Business Combination, Old Tango changed its name from “Tango Therapeutics, Inc.” to “Tango Therapeutics Sub, Inc.” and in connection with the Business Combination, BCTG changed its name to “Tango Therapeutics, Inc.” (the former name of Old Tango). Pursuant to the Merger Agreement, on the Closing Date, BCTG Merger Sub merged with and into Old Tango, or the Merger, with Old Tango surviving the Merger as a wholly-owned subsidiary of BCTG, and BCTG changed its name to “Tango Therapeutics, Inc.”, or New Tango. Pursuant to the terms and conditions of the Merger Agreement, the aggregate consideration paid to Old Tango equity holders upon the closing of the Merger was 55,000,000 shares of New Tango common stock. Subsequent to the closing of the Business Combination, New Tango entered into subscription agreements with certain investors ("PIPE Investors") pursuant to which the PIPE Investors purchased 18,610,000 shares of New Tango common stock at $ 10.00 per share, for aggregate gross proceeds of $ 186.1 million, under the PIPE Financing. The following table summarizes the elements of the net proceeds from the Business Combination and PIPE Financing transaction as of September 30, 2021 (in thousands): Recapitalization Cash - BCTG's Trust Account and cash (net of redemptions) $ 156,013 Cash - PIPE Financing 186,100 Less transaction costs and advisory fees paid ( 15,615 ) Net cash proceeds from the Business Combination and PIPE Financing 326,498 Add: non-cash net assets assumed from BCTG 3 Net contributions from Business Combination and PIPE Financing $ 326,501 The following table summarizes the number of shares of common stock outstanding immediately following the consummation of the Business Combination and PIPE Financing transaction: Number of Shares BCTG common shares outstanding prior to the Business Combination 21,377,250 Less redemption of BCTG shares ( 1,106,814 ) Common shares of BCTG outstanding as of the Business Combination 20,270,436 Shares issued pursuant to the PIPE Financing 18,610,000 Business Combination and PIPE Financing shares 38,880,436 Old Tango common shares (after preferred shares were converted 1-for- 1 for common shares) 48,593,803 Total shares of Common Stock immediately after Business Combination consummation 87,474,239 The merger consideration of 55,000,000 0 shares of New Tango common stock issued to Old Tango equity holders consists of 48,593,803 shares issued in exchange for Old Tango common and preferred shares outstanding, included in the table above, as well as 6,406,197 shares issued in exchange for the Old Tango unvested restricted stock awards and unexercised stock options outstanding immediately prior to the effective time of the Business Combination . Retroactive Application of Recapitalization As discussed above, the Business Combination with BCTG, which was consummated on August 10, 2021, is accounted for as a reverse recapitalizatio n of equity structure. Under the reverse recapitalization model, the Business Combination was treated as Old Tango issuing equity for the net assets of BCTG, with no goodwill or intangible assets recorded. Under this method of accounting, BCTG was treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the fact that subsequent to the Business Combination, Old Tango’s stockholders possess a majority of the voting power of the combined company, the Company comprises all of the ongoing operations of Old Tango, the Company comprises a majority of the governing body of Old Tango, and the Com pany’s senior management comprises all of the senior management of Old Tango. These unaudited condensed consolidated financial statements contain recasted stockholders' equity balances resulting from the retroactive application of reverse recapitalization accounting in accordance with U.S. GAAP. Retroactive Application of Recapitalization to Unaudited Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Pursuant to the terms of the Merger Agreement, upon the closing of the Business Combination on August 10, 2021 (the “Effective Time”), each share of Old Tango’s redeemable convertible preferred stock (the “Preferred Stock”) issued and outstanding immediately prior to the Effective Time was converted into a share of the Company’s common stock using the exchange ratio of 0.34 as follows: Date Description Redeemable Convertible Preferred Stock Preferred to Common Exchange Ratio Common Stock Shares 8/10/2021 Merger Recapitalization Exchange Ratio Recapitalization Common Stock 12/31/2019 Series A 55,700,000 1.00 55,700,000 0.34 18,922,317 4/7/2020 Series B (tranche 1) 22,686,025 1.00 22,686,025 0.34 7,706,861 8/17/2020 Series B-1 27,152,255 1.00 27,152,255 0.34 9,224,122 3/18/2021 Series B (tranche 2) 22,686,025 1.00 22,686,025 0.34 7,706,861 All common shares, as well as previously issued share options and restricted stock awards (“RSAs”), presented in the accompanying unaudited recasted condensed consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit) and/or in the related notes are presented on an as-converted basis, converted at the ratio of 0.34 . Retroactive Application of Recapitalization to Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss In accordance with the retroactive application of recapitalization to the accompanying unaudited condensed consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit), the basic and diluted weighted-average shares of common stock outstanding for the three and nine month periods ended September 30, 2021 and 2020 have been retroactively converted using the exchange ratio of 0.34 . The following table summarizes the weighted-average common shares, basic and diluted, for the three months ended September 30, 2020: Date Description As previously recorded 8/10/2021 Merger Exchange Ratio Recapitalized Common Stock Days Outstanding in 2020 % of weighting Weighted average common shares 9/30/2020 Weighted-average shares, 11,723,528 0.34 3,982,482 100 % 3,982,482 12/31/2019 Series A shares 55,700,000 0.34 18,921,290 91 100 % 18,921,290 4/7/2020 Series B shares 22,686,025 0.34 7,706,443 91 100 % 7,706,443 8/17/2020 Series B-1 shares 27,152,255 0.34 9,223,621 44 48 % 4,459,773 Weighted average number of common shares outstanding – basic and diluted for the three months ended September 30, 2020 35,069,988 The following table summarizes the weighted-average common shares, basic and diluted, for the nine months ended September 30, 2020: Date Description As previously recorded 8/10/2021 Merger Exchange Ratio Recapitalized Common Stock Days Outstanding in 2020 % of weighting Weighted average common shares 9/30/2020 Weighted-average shares, 11,186,180 0.34 3,799,945 100 % 3,799,945 12/31/2019 Series A shares 55,700,000 0.34 18,921,290 273 100 % 18,921,290 4/7/2020 Series B shares 22,686,025 0.34 7,706,443 176 64 % 4,968,256 8/17/2020 Series B-1 shares 27,152,255 0.34 9,223,621 44 16 % 1,486,591 Weighted average number of common shares outstanding – basic and diluted for the nine months ended September 30, 2020 29,176,082 Retroactive Application of Recapitalization to Unaudited Condensed Consolidated Balance Sheets To conform to the retroactive application of recapitalization to the accompanying unaudited condensed consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit), historical proceeds from the issuance of preferred stock, less the par value of the historical preferred shares that were converted into common shares using the 0.34 ratio at the Effective Time, have been reclassified to additional paid in capital for the periods ended September 30, 2021 and 2020, respectively. |
Collaboration Agreements
Collaboration Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Collaboration Agreements [Abstract] | |
Collaboration Agreements | 4. Collaboration Agreements 2018 Gilead Agreement In October 2018, the Company entered into a Research Collaboration and License Agreement (the “2018 Gilead Agreement”) with Gilead Sciences, Inc. (“Gilead”). Pursuant to the 2018 Gilead Agreement, the Company performed target discovery and validation activities in accordance with an agreed-upon multi-year research plan. During the initial three-year research term, Gilead had the option to obtain exclusive, worldwide licenses to develop and commercialize up to five validated programs (“Gilead Program License”). In 2018, Gilead paid the Company a $ 50.0 million non-refundable upfront payment upon the execution of the 2018 Gilead Agreement. The Company was eligible to receive milestone payments of up to $ 1.7 billion across all programs and royalties on future sales of commercialized products, if any. For up to two programs licensed by Gilead, the Company had the option to co-develop and co-promote certain programs licensed by Gilead in the U.S. and was eligible to receive royalties on ex-U.S. sales. The Company assessed this arrangement in accordance with ASC 606, Revenue from Contracts with Customers, and concluded that the contract counterparty, Gilead, was a customer. The Company identified a single performance obligation under the arrangement consisting of the combination of participating on the joint steering committee and the research and development services provided during the research term. The identified promises were determined to not be individually distinct due to the specialized nature of the early-stage research services to be provided by the Company and the interdependent relationship between the promises. The Company determined that the option for Gilead to extend the term of the arrangement was not priced at a discount, and therefore did not provide Gilead with a material right. This option will be excluded from the transaction price until exercised. At the inception of the 2018 Gilead Agreement, the Company also determined that the Gilead program license options provided to Gilead did not include a material right. The total transaction price, subject to variable consideration constraints, was allocated to the combined single performance obligation. The Company determined that the single combined performance obligation is satisfied over time as the customer is simultaneously receiving and consuming the benefit of the Company’s performance. The future milestone payments represent variable consideration that is fully constrained at inception of the arrangement as the achievement of the milestone events are highly uncertain. Amended Gilead Agreement In August 2020, Gilead made an equity investment of $ 20.0 million into the Company as a participant in Old Tango’s Series B-1 preferred stock offering. At the time of the original investment, as well as through the September 30, 2021 balance sheet date, Gilead maintains an ownership of less than 10 % of the Company's common stock and is thus not considered to be a related party to the Company. In August 2020, the Company and Gilead also entered into an Amended Research Collaboration and License Agreement (the “Gilead Agreement”), which superseded and replaced the 2018 Gilead Agreement. The Gilead Agreement represents a continuation of the initial target discovery and validation research and development efforts begun under the 2018 Gilead Agreement. Under the Gilead Agreement: The Company received upfront, non-refundable consideration of $ 125.0 million from Gilead upon execution of the Gilead Agreement in 2020; The term of the 2018 Gilead Agreement ended on the date the Gilead Agreement was executed. The Gilead Agreement has a research term of seven years ; Gilead expanded its option to license up to 15 programs for which Gilead may obtain exclusive, worldwide licenses to develop and commercialize therapies, subject to applicable license fees; Prior to exercising its option to license a program, Gilead may “extend” such program, in which case Gilead will pay research extension fees and the Company will continue to collaborate with Gilead to discover and develop programs, potentially through early clinical development; and For up to five programs licensed by Gilead, the Company has the option to co-develop and co-promote the lead product in the U.S., subject to certain exceptions, and is eligible to receive tiered royalties in the first decile on ex-U.S. sales. The Company is eligible to receive up to $ 410.0 million per program in license, research extension, and clinical, regulatory, and commercial milestones. The Gilead Agreement was accounted for as a modification of the 2018 Gilead Agreement under ASC 606 as both the scope and price of the contract were changed under the Gilead Agreement. The additional goods and services to be provided under the Gilead Agreement are not distinct from the combined performance obligation identified under the 2018 Gilead Agreement which was only partially satisfied at the date of contract modification. As such, the Company identified a single combined performance obligation under the Gilead Agreement consisting of the research services and continued participation on the joint steering committee during the research term. As a result, the Company’s progress towards completing its research services to Gilead over the seven-year term of the Amended Gilead Agreement was lower than its progress under the three-year term of the 2018 Gilead Agreement and a cumulative catch-up adjustment was recorded during the third quarter of 2020 resulting in a charge of $ 11.3 million against revenue previously recognized through the date of the Gilead Agreement. In December 2020 and in September 2021, Gilead elected to extend two programs for a research extension fee of $ 12.0 million each. The Company determined that the additional goods and services relating to the continued research services were not distinct from the early-stage research services already promised to Gilead under the on-going research plan. Consideration pertaining to each of the research extensions is paid to the Company in equal quarterly installment payments over an agreed upon payment schedule. Although future research installment payments are not payable in the event of scientific failure, the Company determined that the variable consideration of $ 12.0 million for each of the extensions should not be constrained as the potential for a significant reversal of cumulative revenue recognized at the contract level is remote, and therefore the research extension consideration was added to the transaction price under the Gilead Agreement. In April 2021, Gilead licensed a program for an $ 11.0 million license fee. The $ 11.0 million license fee was received and recognized as revenue in the second quarter of 2021 since Tango has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own and the license is separately identifiable from the research services. Gilead Revenue Recognized The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $ 199.0 million at September 30, 2021 . The total transaction price was comprised of the $ 50.0 million upfront payment pursuant to the 2018 Gilead Agreement, the $ 125.0 million upfront payment pursuant to the Gilead Agreement, the $ 12.0 million payment pursuant to the research extension fee in December 2020, and the $ 12.0 million payment pursuant to the research extension fee in September 2021. During the three and nine months ended September 30, 2021, the Company recognized $ 6.8 million and $ 20.3 million, respectively, of revenue associated with the Gilead Agreements based on performance completed during each period. During the three and nine months ended September 30, 2020, the Company recognized a reduction in revenue in the amounts of $ 11.3 million and $ 2.2 million, respectively, driven by a cumulative catch-up adjustment that was recorded during the third quarter in connection with the Amended Gilead Agreement. During the nine months ended September 30, 2021, the Company recognized revenue of $ 11.0 million, associated with the payment received in the second quarter of 2021 pursuant to the April 2021 program license. During the three and nine months ended September 30, 2020 , the Company recognized revenue of $ 0 and $ 0.7 million, respectively, associated with the payments received in 2019 pursuant to the program license and Gilead Letter Agreement. The consideration allocated to the Gilead License was recognized upon delivery of the underlying license in 2019 as Gilead could benefit from the license on its own and the Gilead License was separately identifiable from the Gilead Letter Agreement research services. The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research and development activities that the Company is responsible for, are resolved or other changes in circumstances occur. As of September 30, 2021 and December 31, 2020 , the Company had short-term deferred revenue of $ 27.8 million and $ 32.0 million, respectively, and long-term deferred revenue of $ 116.6 million and $ 120.8 million, respectively, related to the Gilead collaboration. The remaining long-term revenue is expected to be recognized proportionally to the completed obligations over an expected remaining contractual term of approximately 5.9 years. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded as deferred revenue on the Company’s unaudited condensed consolidated balance sheet. As of September 30, 2021, $ 6.0 million of the total research extension fees of $ 24.0 million had been received, $ 8.0 million had been recorded as accounts receivable and the remaining $ 10.0 million was determined to be conditional upon the satisfaction of additional research obligations, and thus a contract asset. The contract asset balance is presented net of the deferred revenue contract liability. Costs incurred pursuant to the Gilead Agreements are recorded as research and development expense. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis: Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 93,387 $ — $ — $ 93,387 U.S. Treasury bills — 51,647 — 51,647 Marketable debt securities: U.S. Treasury bills — 253,232 — 253,232 U.S. government agency bonds — 45,599 — 45,599 Total assets $ 93,387 $ 350,478 $ — $ 443,865 Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents Money market funds $ 12,698 $ — $ — $ 12,698 U.S. Treasury bills — 7,175 — 7,175 Marketable debt securities U.S. Treasury bills — 131,939 — 131,939 U.S. government agency bonds — 30,000 — 30,000 Total assets $ 12,698 $ 169,114 $ — $ 181,812 There were no transfers between fair value levels during the nine months ended September 30, 2021 . |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources. The following table summarizes the Company’s marketable debt securities, classified as available-for-sale: Fair Value Measurements as of September 30, 2021 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 253,232 $ 12 $ ( 12 ) $ 253,232 U.S. government agency bonds 45,609 3 ( 13 ) 45,599 $ 298,841 $ 15 $ ( 25 ) $ 298,831 Fair Value Measurements as of December 31, 2020 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 131,927 $ 12 $ — $ 131,939 U.S. government agency bonds 29,995 5 — 30,000 $ 161,922 $ 17 $ — $ 161,939 The Company holds investment grade marketable securitie s, with less than $ 0.1 million of U.S. government agency bonds considered to be in an unrealized loss position as of September 30, 2021 and none considered to be in an unrealized loss position as of December 31, 2020. Although the U.S. government agency bonds are held at an unrealized loss position at September 30, 2021 , the Company does not intend to sell the marketable securities prior to the value of the securities being recovered. Further, the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. As a result, the Company did no t record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods then ended. Mark etable securities include $ 0.1 million in accrued interest at September 30, 2021 and December 31, 2020 . |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | 7. Supplemental Balance Sheet Information Property and Equipment Property and equipment, net as of September 30, 2021 and December 31, 2020 consists of the following: September 30, December 31, (in thousands) Laboratory equipment $ 5,567 $ 4,580 Computer equipment 172 172 Computer software 125 125 Furniture and fixtures 467 384 Leasehold improvements 246 246 Construction in progress 447 — 7,024 5,507 Less: Accumulated depreciation ( 2,318 ) ( 1,684 ) Property and equipment, net $ 4,706 $ 3,823 Depreciation expense was $ 0.2 million for each of the three months ended September 30, 2021 and 2020 and $ 0.6 million and $ 0.5 million for the nine months ended September 30, 2021 and 2020, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of September 30, 2021 and December 31, 2020 include the following: September 30, December 31, (in thousands) Payroll and employee-related costs $ 2,556 $ 2,652 Research and development costs 6,347 2,695 Other 1,075 793 Total accrued expenses and other current liabilities $ 9,978 $ 6,140 Restricted Cash As of both September 30, 2021 and September 30, 2020 , the Company maintained a restricted cash balance of $ 2.3 million, all of which was related to security deposits associated with the Company’s facility leases. The cash will remain restricted in accordance with the lease agreements absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows: September 30, September 30, (in thousands) Cash and cash equivalents $ 204,974 $ 105,714 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 207,253 $ 107,993 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Guarantees The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords and clinical sites. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party under the terms of the contract, including as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal. Litigation The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of September 30, 2021, and no material legal proceedings are currently pending or threatened. Because of uncertainties related to claims, proceedings and litigation, assessments of potential liabilities are based on the Company's best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse effect on the operating results of the Company. Costs associated with involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were to be unable to prevail in any such proceedings, the consolidated financial position, results of operations, and future cash flows of the Company may be materially impacted. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Redeemable Convertible Preferred Stock | 9. Redeemable Convertible Preferred Stock In March 2017, Old Tango executed a stock purchase agreement to sell 55,000,000 shares of redeemable convertible series A preferred stock (“Series A”). This agreement was subsequently amended in July 2017 to increase the authorized capital to 55,700,000 shares of Series A. The Series A stock purchase agreement was structured to close in three tranches, each contingent upon the achievement of certain specified milestones. Pursuant to the initial closing of the Series A stock purchase agreement, Old Tango issued an aggregate of 18,700,000 shares of Series A convertible preferred stock for $ 1.00 per share, resulting in net proceeds of $ 14.0 million after deducting $ 4.7 million related to the settlement of the convertible notes and accrued interest that were previously outstanding. During the year-ended December 31, 2018, Old Tango issued 26,000,000 additional shares of Series A preferred stock at a price of $ 1.00 per share upon the achievement of specified development milestones in connection with the second tranche of the Series A stock purchase agreement. Total proceeds from this issuance were $ 26.0 million. In January 2019, Old Tango issued 11,000,000 additional shares of Series A preferred stock at a price of $ 1.00 per share upon the achievement of specified development milestones in connection with the third tranche of the Series A stock purchase agreement. Total proceeds from this issuance were $ 11.0 million. The aggregate issuance costs associated with the issuance of all three tranches of Series A preferred stock was less than $ 0.1 million. In April 2020, Old Tango executed a stock purchase agreement to sell shares of redeemable convertible series B preferred stock (“Series B”). The Series B stock purchase agreement allows for the issuance of up to 45,372,051 shares. In April 2020, Old Tango issued 22,686,025 shares of Series B at a price of $ 1.32 per share. Proceeds from this issuance totaled $ 29.8 million, net of $ 0.2 million in issuance costs. In March 2021, Old Tango sold 22,686,025 additional shares of Series B redeemable convertible preferred stock at a price of $ 1.32 per share upon the achievement of specified development milestones in connection with the second tranche of the Series B stock purchase agreement. Proceeds from this issuance totaled $ 30.0 million. Total issuance costs associated with the second tranche of the Series B preferred stock was less than $ 0.1 million. In August 2020, Old Tango executed a stock purchase agreement to sell shares of redeemable convertible series B-1 preferred stock (“Series B-1”). The Series B-1 stock purchase agreement allows for the issuance of up to 27,152,255 shares. All 27,152,255 shares of Series B-1 were issued at a price of $ 1.89 per share in August 2020. Proceeds from this issuance was $ 51.1 million, net of $ 0.1 million in issuance costs. Conversion of Redeemable Convertible Preferred Stock Pursuant to the terms of the Merger Agreement, upon the Effective Time, each share of Old Tango’s Preferred Stock issued and outstanding immediately prior to the Effective Time was converted into a share of Old Tango’s common stock and subsequently converted into shares of New Tango common stock using an exchange ratio of 0.34 . A retroactive adjustment has been applied to all periods presented to reflect the Business Combination and reverse recapitalization as discussed further in Note 1 and Note 3. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 10. Stock-Based Compensation Stock Incentive Plan In March 2017, Old Tango's stockholders approved the 2017 Stock Option and Grant Plan, pursuant to which Old Tango issued stock options, restricted stock awards (“RSAs”), unrestricted stock awards, restricted stock units, or any combination of the forgoing to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. The 2021 Stock Option and Incentive Plan (the “2021 Plan”) became effective upon the closing of the Business Combination and replaced the 2017 Stock Option and Grant Plan. The 2021 Plan allows the Company to make equity and equity-based incentive awards to officers, employees, non-employee directors and consultants. As of September 30, 2021, the Company had 6,908,373 shares available for future issuance. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Research and development $ 2,558 $ 233 $ 3,570 $ 682 General and administrative 872 185 2,006 551 Total $ 3,430 $ 418 $ 5,576 $ 1,233 Stock Option Activity Pursuant to the terms of the Business Combination, upon the Closing Date, each option to purchase Old Tango’s common stock became an option to purchase shares of common stock of the surviving entity and was subsequently adjusted using an exchange ratio of 0.34 . A retroactive adjustment has been applied to all periods presented to reflect the Business Combination and reverse recapitalization as discussed further in Note 1 and Note 3. The following table summarizes the stock option activity for the nine months ended September 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 4,094,544 $ 1.88 8.58 $ 6,625,511 Granted 5,564,341 6.92 Exercised ( 584,561 ) 1.64 Cancelled ( 247,427 ) 3.37 Options outstanding as of September 30, 2021 8,826,897 $ 5.03 8.68 $ 69,725,604 Options exercisable as of September 30, 2021 1,843,814 $ 2.56 6.65 $ 19,120,394 As of September 30, 2021 , total unrecognized compensation expense related to stock options was $ 26.4 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years. Restricted Stock Awards During the nine months ended September 30, 2021 , 256,385 RSAs vested. Stock-based compensation expense attributable to RSAs during the nine months ended September 30, 2021 totaled $ 0.5 million. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ ( 19,590 ) $ ( 26,802 ) $ ( 36,189 ) $ ( 43,108 ) Net loss attributable to common stockholders – ( 19,590 ) ( 26,802 ) ( 36,189 ) ( 43,108 ) Denominator: Weighted-average common stock outstanding 70,160,663 35,069,988 53,397,557 29,176,082 Net loss per share attributable to common $ ( 0.28 ) $ ( 0.76 ) $ ( 0.68 ) $ ( 1.48 ) The Company’s potential dilutive securities, which include common stock options and unvested restricted common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 2020 Stock options to purchase common stock 8,826,897 3,379,915 Unvested restricted common stock 213 599,276 Total 8,827,110 3,979,191 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The Company’s effective income tax rate was 0.3 % and 0.0 % for the three months ended September 30, 2021 and 2020 , respectively, and 0.7 % and 0.0 % for the nine months ended September 30, 2021 and 2020 , respectively. The income tax provision was $ 62 thousand and $ 0 for the three months ended September 30, 2021 and 2020 , respectively, and $ 115 thousand and $ 0 for the nine months ended September 30, 2021 and 2020, respectively. The change in the provision for income taxes for the three and nine months ended September 30, 2021, respectively, compared to the three and nine months ended September 30, 2020 was primarily due to taxable deferred revenue partially offset by the utilization of federal and state net operating losses and federal and state tax credits. The effective income tax rate for the three and nine months ended September 30, 2021 and 2020 differed from the federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events 100 Binney Street Lease Modification In November 2021 , the Company entered into a lease termination agreement for the Company's leased office and laboratory space at 100 Binney Street in Cambridge, Massachusetts. The lease termination agreement is a modification of the lease agreement for these premises that provides, among other things, the acceleration of the expiration of the original term of the lease from June 30, 2026 to an earlier lease termination date, for which the earlier date shall be no later than October 15, 2022 . The Company estimates that the execution of the lease termination agreement will result in material reductions to the associated lease liability and right-of-use asset balances in the fourth quarter of 2021. The Company also expects to reduce the useful life assigned to leasehold improvements associated with the Binney Street lease, resulting in an increase to depreciation expense recognized over the remaining term of the modified lease. The restricted cash balance will be reduced by $ 0.6 million on the last day of the modified lease term, at which time the related security deposit will be returned to the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, (“ASC 740”). The ASU enhances and simplifies various aspects of the income tax accounting guidance in Accounting Standards Codification ("ASC") 740, including requirements related to hybrid tax regimes, the tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of entities not subject to tax, the intra-period tax allocation exception to the incremental approach, ownership changes in investments, changes from a subsidiary to an equity method investment, interim-period accounting for enacted changes in tax law, and the year-to-date loss limitation in interim-period tax accounting. This guidance is effective for the Company for annual and interim periods beginning after December 31, 2020; however, early adoption was permitted The Company adopted this standard as of January 1, 2021 on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815 — 40) . The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings per share (“EPS”) computation. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company elected to early adopt this guidance on January 1, 2021. The Company issued the second tranche of its redeemable convertible Series B preferred stock in March 2021 at an original issue price of $ 1.32 per share, which would have resulted in the recognition of a beneficial conversion feature of $ 28.4 million prior to the adoption of ASU 2020-06. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements. |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Net Proceeds from Business Combination and PIPE Financing Transactions | The following table summarizes the elements of the net proceeds from the Business Combination and PIPE Financing transaction as of September 30, 2021 (in thousands): Recapitalization Cash - BCTG's Trust Account and cash (net of redemptions) $ 156,013 Cash - PIPE Financing 186,100 Less transaction costs and advisory fees paid ( 15,615 ) Net cash proceeds from the Business Combination and PIPE Financing 326,498 Add: non-cash net assets assumed from BCTG 3 Net contributions from Business Combination and PIPE Financing $ 326,501 |
Summary of Common Stock Outstanding After Consummation of Business Combination and PIPE Financing Transaction | The following table summarizes the number of shares of common stock outstanding immediately following the consummation of the Business Combination and PIPE Financing transaction: Number of Shares BCTG common shares outstanding prior to the Business Combination 21,377,250 Less redemption of BCTG shares ( 1,106,814 ) Common shares of BCTG outstanding as of the Business Combination 20,270,436 Shares issued pursuant to the PIPE Financing 18,610,000 Business Combination and PIPE Financing shares 38,880,436 Old Tango common shares (after preferred shares were converted 1-for- 1 for common shares) 48,593,803 Total shares of Common Stock immediately after Business Combination consummation 87,474,239 |
Summary of Redeemable Convertible Preferred Stock Issued and Outstanding After Consummation of Business Combination | Pursuant to the terms of the Merger Agreement, upon the closing of the Business Combination on August 10, 2021 (the “Effective Time”), each share of Old Tango’s redeemable convertible preferred stock (the “Preferred Stock”) issued and outstanding immediately prior to the Effective Time was converted into a share of the Company’s common stock using the exchange ratio of 0.34 as follows: Date Description Redeemable Convertible Preferred Stock Preferred to Common Exchange Ratio Common Stock Shares 8/10/2021 Merger Recapitalization Exchange Ratio Recapitalization Common Stock 12/31/2019 Series A 55,700,000 1.00 55,700,000 0.34 18,922,317 4/7/2020 Series B (tranche 1) 22,686,025 1.00 22,686,025 0.34 7,706,861 8/17/2020 Series B-1 27,152,255 1.00 27,152,255 0.34 9,224,122 3/18/2021 Series B (tranche 2) 22,686,025 1.00 22,686,025 0.34 7,706,861 |
Summary of Weighted-Average Common Shares, Basic and Diluted | The following table summarizes the weighted-average common shares, basic and diluted, for the three months ended September 30, 2020: Date Description As previously recorded 8/10/2021 Merger Exchange Ratio Recapitalized Common Stock Days Outstanding in 2020 % of weighting Weighted average common shares 9/30/2020 Weighted-average shares, 11,723,528 0.34 3,982,482 100 % 3,982,482 12/31/2019 Series A shares 55,700,000 0.34 18,921,290 91 100 % 18,921,290 4/7/2020 Series B shares 22,686,025 0.34 7,706,443 91 100 % 7,706,443 8/17/2020 Series B-1 shares 27,152,255 0.34 9,223,621 44 48 % 4,459,773 Weighted average number of common shares outstanding – basic and diluted for the three months ended September 30, 2020 35,069,988 The following table summarizes the weighted-average common shares, basic and diluted, for the nine months ended September 30, 2020: Date Description As previously recorded 8/10/2021 Merger Exchange Ratio Recapitalized Common Stock Days Outstanding in 2020 % of weighting Weighted average common shares 9/30/2020 Weighted-average shares, 11,186,180 0.34 3,799,945 100 % 3,799,945 12/31/2019 Series A shares 55,700,000 0.34 18,921,290 273 100 % 18,921,290 4/7/2020 Series B shares 22,686,025 0.34 7,706,443 176 64 % 4,968,256 8/17/2020 Series B-1 shares 27,152,255 0.34 9,223,621 44 16 % 1,486,591 Weighted average number of common shares outstanding – basic and diluted for the nine months ended September 30, 2020 29,176,082 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis: Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 93,387 $ — $ — $ 93,387 U.S. Treasury bills — 51,647 — 51,647 Marketable debt securities: U.S. Treasury bills — 253,232 — 253,232 U.S. government agency bonds — 45,599 — 45,599 Total assets $ 93,387 $ 350,478 $ — $ 443,865 Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents Money market funds $ 12,698 $ — $ — $ 12,698 U.S. Treasury bills — 7,175 — 7,175 Marketable debt securities U.S. Treasury bills — 131,939 — 131,939 U.S. government agency bonds — 30,000 — 30,000 Total assets $ 12,698 $ 169,114 $ — $ 181,812 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Debt Securities, Available-for-sale | The following table summarizes the Company’s marketable debt securities, classified as available-for-sale: Fair Value Measurements as of September 30, 2021 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 253,232 $ 12 $ ( 12 ) $ 253,232 U.S. government agency bonds 45,609 3 ( 13 ) 45,599 $ 298,841 $ 15 $ ( 25 ) $ 298,831 Fair Value Measurements as of December 31, 2020 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 131,927 $ 12 $ — $ 131,939 U.S. government agency bonds 29,995 5 — 30,000 $ 161,922 $ 17 $ — $ 161,939 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net as of September 30, 2021 and December 31, 2020 consists of the following: September 30, December 31, (in thousands) Laboratory equipment $ 5,567 $ 4,580 Computer equipment 172 172 Computer software 125 125 Furniture and fixtures 467 384 Leasehold improvements 246 246 Construction in progress 447 — 7,024 5,507 Less: Accumulated depreciation ( 2,318 ) ( 1,684 ) Property and equipment, net $ 4,706 $ 3,823 |
Schedule of Accrued Expenses and Other Current Liabilities Current | Accrued expenses and other current liabilities as of September 30, 2021 and December 31, 2020 include the following: September 30, December 31, (in thousands) Payroll and employee-related costs $ 2,556 $ 2,652 Research and development costs 6,347 2,695 Other 1,075 793 Total accrued expenses and other current liabilities $ 9,978 $ 6,140 |
Schedule of Cash, Cash Equivalents Restricted Cash and Restricted Cash Equivalents | The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows: September 30, September 30, (in thousands) Cash and cash equivalents $ 204,974 $ 105,714 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 207,253 $ 107,993 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Table) | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Research and development $ 2,558 $ 233 $ 3,570 $ 682 General and administrative 872 185 2,006 551 Total $ 3,430 $ 418 $ 5,576 $ 1,233 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the nine months ended September 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 4,094,544 $ 1.88 8.58 $ 6,625,511 Granted 5,564,341 6.92 Exercised ( 584,561 ) 1.64 Cancelled ( 247,427 ) 3.37 Options outstanding as of September 30, 2021 8,826,897 $ 5.03 8.68 $ 69,725,604 Options exercisable as of September 30, 2021 1,843,814 $ 2.56 6.65 $ 19,120,394 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Research and development $ 2,558 $ 233 $ 3,570 $ 682 General and administrative 872 185 2,006 551 Total $ 3,430 $ 418 $ 5,576 $ 1,233 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the nine months ended September 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 4,094,544 $ 1.88 8.58 $ 6,625,511 Granted 5,564,341 6.92 Exercised ( 584,561 ) 1.64 Cancelled ( 247,427 ) 3.37 Options outstanding as of September 30, 2021 8,826,897 $ 5.03 8.68 $ 69,725,604 Options exercisable as of September 30, 2021 1,843,814 $ 2.56 6.65 $ 19,120,394 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ ( 19,590 ) $ ( 26,802 ) $ ( 36,189 ) $ ( 43,108 ) Net loss attributable to common stockholders – ( 19,590 ) ( 26,802 ) ( 36,189 ) ( 43,108 ) Denominator: Weighted-average common stock outstanding 70,160,663 35,069,988 53,397,557 29,176,082 Net loss per share attributable to common $ ( 0.28 ) $ ( 0.76 ) $ ( 0.68 ) $ ( 1.48 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 2020 Stock options to purchase common stock 8,826,897 3,379,915 Unvested restricted common stock 213 599,276 Total 8,827,110 3,979,191 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 11, 2021 | Aug. 10, 2021 | Apr. 13, 2021 | Sep. 08, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Net loss | $ (19,590) | $ (4,493) | $ (12,106) | $ (26,802) | $ (8,392) | $ (7,914) | $ (36,189) | $ (43,108) | |||||
Accumulated deficit | $ (139,290) | (139,290) | $ (103,101) | ||||||||||
Underwriting commissions | $ 5,800 | ||||||||||||
Initial Public Offering [Member] | |||||||||||||
Gross proceeds | $ 166,800 | ||||||||||||
Purchase of shares (in Shares) | 16,675,000 | ||||||||||||
Unit price (in Dollars per share) | $ 10 | $ 10 | $ 10 | ||||||||||
Public Share [Member] | |||||||||||||
Number of units issued in transaction (in Shares) | 2,175,000 | ||||||||||||
Private Placement [Member] | |||||||||||||
Gross proceeds | $ 186,100 | ||||||||||||
Number of units issued in transaction (in Shares) | 18,610,000 | 533,500 | |||||||||||
Gross proceeds | $ 5,300 | ||||||||||||
Unit price (in Dollars per share) | $ 10 | $ 10 | |||||||||||
BCTG Acquisition Corp [Member] | |||||||||||||
Gross proceeds | $ 326,500 | ||||||||||||
Transaction costs and redemptions | $ 26,700 | ||||||||||||
Gross proceeds | $ 167,100 | ||||||||||||
Merger Agreement [Member] | |||||||||||||
Business acquisition, percentage of voting interest | 100.00% | ||||||||||||
Number of units issued in transaction (in Shares) | 55,000,000 | ||||||||||||
Business combination, consideration transferred, equity securities | $ 550,000 | ||||||||||||
Series B Preferred Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||
Unit price (in Dollars per share) | $ 1.32 | ||||||||||||
Common Stock [Member] | |||||||||||||
Offering costs | $ 9,600 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gross proceeds from the sale of preferred shares | $ 29,990 | $ 80,934 | |
Share-based Payment Arrangement, Tranche Two [Member] | Series B Preferred Stock [Member] | |||
Sale of Stock, Price Per Share | $ 1.32 | ||
Gross proceeds from the sale of preferred shares | $ 28,400 |
Business Combination - Addition
Business Combination - Additional Information (Details) | Aug. 11, 2021USD ($)$ / sharesshares | Aug. 10, 2021USD ($)shares | Sep. 30, 2021shares |
Business Acquisition [Line Items] | |||
Merger exchange ratio | 0.34 | 0.34 | |
Shares issued in exchange for Unvested restricted stock awards and unexercised stock options | shares | 6,406,197 | ||
PIPE Financing [Member] | |||
Business Acquisition [Line Items] | |||
Number of units issued in transaction (in Shares) | shares | 18,610,000 | 533,500 | |
Gross proceeds | $ | $ 186,100,000 | ||
Price per share (in Dollars per share) | $ / shares | $ 10 | ||
Merger Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition date | Aug. 10, 2021 | ||
Number of units issued in transaction (in Shares) | shares | 55,000,000 | ||
BCTG Acquisition Corp [Member] | |||
Business Acquisition [Line Items] | |||
Gross proceeds | $ | $ 326,500,000 | ||
Goodwill | $ | $ 0 | ||
Intangible assets | $ | $ 0 | ||
Tango Therapeutics, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Outstanding common shares | shares | 48,593,803 |
Business Combination - Summary
Business Combination - Summary of Net Proceeds from Business Combination and PIPE Financing Transactions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Aug. 11, 2021 | |
PIPE Financing [Member] | ||
Business Acquisition [Line Items] | ||
Cash | $ 186,100 | |
BCTG's Trust Account [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 156,013 | |
BCTG Business Combination and PIPE Financing [Member] | ||
Business Acquisition [Line Items] | ||
Less transaction costs and advisory fees paid | (15,615) | |
Net cash proceeds from the Business Combination and PIPE Financing | 326,498 | |
Net contributions from Business Combination and PIPE Financing | 326,501 | |
BCTG Acquisition Corp [Member] | ||
Business Acquisition [Line Items] | ||
Less transaction costs and advisory fees paid | $ (26,700) | |
Add: non-cash net assets assumed from BCTG | $ 3 |
Business Combination - Summar_2
Business Combination - Summary of Common Stock Outstanding After Consummation of Business Combination and PIPE Financing Transaction (Details) - shares | Sep. 30, 2021 | Aug. 10, 2021 | Dec. 31, 2020 |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Common shares outstanding | 87,544,002 | 87,474,239 | 40,372,133 |
BCTG Acquisition Corp [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Common shares outstanding prior to business combination | 21,377,250 | ||
Less redemption of BCTG shares | 1,106,814 | ||
Common shares outstanding | 20,270,436 | ||
BCTG Business Combination and PIPE Financing [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Shares issued pursuant to the PIPE Financing | 38,880,436 | ||
Tango Therapeutics, Inc [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Old Tango common shares (after preferred shares were converted 1-for-1 for common shares) | 48,593,803 | ||
PIPE Financing [Member] | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Shares issued pursuant to the PIPE Financing | 18,610,000 |
Business Combination - Summar_3
Business Combination - Summary of Common Stock Outstanding After Consummation of Business Combination and PIPE Financing Transactions (Parenthetical) (Details) | Aug. 10, 2021 |
Tango Therapeutics, Inc [Member] | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |
Share conversion ratio | 1 |
Business Combination - Summar_4
Business Combination - Summary of Redeemable Convertible Preferred Stock Issued and Outstanding After Consummation of Business Combination (Details) | Sep. 30, 2021shares | Aug. 10, 2021 | Mar. 18, 2021shares | Dec. 31, 2020shares | Aug. 17, 2020shares | Apr. 07, 2020shares | Dec. 31, 2019shares |
Class of Stock [Line Items] | |||||||
Redeemable Convertible Preferred Stock Issued | 0 | 0 | |||||
Redeemable Convertible Preferred Stock Outstanding | 0 | 0 | |||||
Preferred to Common exchange ratio | 0.34 | ||||||
Common Stock Shares | 87,544,002 | 40,372,133 | 55,700,000 | ||||
Merger Recapitalization Exchange Ratio | 0.34 | 0.34 | |||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Recapitalization Common Stock | 35,853,300 | 18,922,317 | |||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Redeemable Convertible Preferred Stock Issued | 55,700,000 | ||||||
Redeemable Convertible Preferred Stock Outstanding | 55,700,000 | ||||||
Preferred to Common exchange ratio | 1 | ||||||
Merger Recapitalization Exchange Ratio | 0.34 | ||||||
Recapitalization Common Stock | 18,922,317 | ||||||
Series B (Tranche 1) Redeemable Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Redeemable Convertible Preferred Stock Issued | 22,686,025 | ||||||
Redeemable Convertible Preferred Stock Outstanding | 22,686,025 | ||||||
Preferred to Common exchange ratio | 1 | ||||||
Common Stock Shares | 22,686,025 | ||||||
Merger Recapitalization Exchange Ratio | 0.34 | ||||||
Recapitalization Common Stock | 7,706,861 | ||||||
Series B-1 Redeemable Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Redeemable Convertible Preferred Stock Issued | 27,152,255 | ||||||
Preferred to Common exchange ratio | 1 | ||||||
Common Stock Shares | 27,152,255 | ||||||
Merger Recapitalization Exchange Ratio | 0.34 | ||||||
Recapitalization Common Stock | 9,224,122 | ||||||
Series B (Tranche 2) Redeemable Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Redeemable Convertible Preferred Stock Issued | 22,686,025 | ||||||
Preferred to Common exchange ratio | 1 | ||||||
Common Stock Shares | 22,686,025 | ||||||
Merger Recapitalization Exchange Ratio | 0.34 | ||||||
Recapitalization Common Stock | 7,706,861 |
Business Combination - Summar_5
Business Combination - Summary of Weighted-Average Common Shares, Basic and Diluted (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021shares | Sep. 30, 2020shares | Sep. 30, 2021shares | Sep. 30, 2020shares | Aug. 10, 2021 | Dec. 31, 2020shares | Aug. 17, 2020shares | Apr. 07, 2020shares | Dec. 31, 2019shares | |
Class of Stock [Line Items] | |||||||||
Weighted average common shares, basic and diluted | 3,982,482 | 3,799,945 | |||||||
Weighted average common shares, basic and diluted | 70,160,663 | 35,069,988 | 53,397,557 | 29,176,082 | |||||
Merger Exchange Ratio | 0.34 | 0.34 | 0.34 | ||||||
Weighted-average shares, basic and diluted, Recapitalized Common Stock | 3,982,482 | 3,799,945 | |||||||
Common Stock Shares | 87,544,002 | 87,544,002 | 40,372,133 | 55,700,000 | |||||
% of weighting | 100.00% | 100.00% | |||||||
As Previously Recorded [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Weighted average common shares, basic and diluted | 11,723,528 | 11,186,180 | |||||||
Series A Shares [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Weighted average common shares, basic and diluted | 18,921,290 | 18,921,290 | |||||||
Merger Exchange Ratio | 0.34 | ||||||||
Recapitalized Common Stock | 18,921,290 | ||||||||
Days Outstanding in 2020 | 91 days | 273 days | |||||||
% of weighting | 100.00% | 100.00% | |||||||
Series A Shares [Member] | As Previously Recorded [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common Stock Shares | 55,700,000 | ||||||||
Series B Shares [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Weighted average common shares, basic and diluted | 7,706,443 | 4,968,256 | |||||||
Merger Exchange Ratio | 0.34 | ||||||||
Recapitalized Common Stock | 7,706,443 | ||||||||
Days Outstanding in 2020 | 91 days | 176 days | |||||||
% of weighting | 100.00% | 64.00% | |||||||
Series B Shares [Member] | As Previously Recorded [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common Stock Shares | 22,686,025 | ||||||||
Series B-1 Shares [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Weighted average common shares, basic and diluted | 4,459,773 | 1,486,591 | |||||||
Merger Exchange Ratio | 0.34 | ||||||||
Recapitalized Common Stock | 9,223,621 | ||||||||
Days Outstanding in 2020 | 44 days | 44 days | |||||||
% of weighting | 48.00% | 16.00% | |||||||
Series B-1 Shares [Member] | As Previously Recorded [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common Stock Shares | 27,152,255 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2021USD ($) | Aug. 31, 2020USD ($)Program | Oct. 31, 2018Program | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Proceeds from fees received | $ 6,000,000 | |||||||||
Accounts receivable current, research extension fee | $ 8,000,000 | 8,000,000 | ||||||||
Contract asset, research extension fee | 10,000,000 | 10,000,000 | ||||||||
Receivable research extension fee | 24,000,000 | 24,000,000 | ||||||||
2018 Gilead Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Research term | 3 years | |||||||||
Number of licensed product | Program | 5 | |||||||||
Non-refundable upfront payment received | 50,000,000 | $ 50,000,000 | ||||||||
Milestone payments receivable | $ 1,700,000,000 | |||||||||
Amended Gilead Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Research term | 7 years | |||||||||
Number of licensed product | Program | 15 | |||||||||
Non-refundable upfront payment received | 125,000,000 | |||||||||
Milestone payments receivable | $ 410,000,000 | |||||||||
Temporary equity, par value | 125,000,000 | |||||||||
Revenue recognized, cumulative catch-up adjustment | $ (11,300,000) | $ (2,200,000) | ||||||||
Research extension fee | $ 12,000,000 | 12,000,000 | $ 12,000,000 | |||||||
Research extension fees, variable consideration | $ 12,000,000 | |||||||||
Contract with customer liability, revenue recognized | $ 11,000,000 | |||||||||
License fee amount | $ 11,000,000 | |||||||||
Amended Gilead Agreement [Member] | Minimum [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Equity method investment, ownership percentage | 10.00% | 10.00% | ||||||||
Amended Gilead Agreement [Member] | Series B-1 Preferred Stock [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Temporary equity, par value | $ 20,000,000 | |||||||||
Gilead Letter Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Contract with customer liability, revenue recognized | $ 0 | $ 700,000 | ||||||||
Gilead Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Transaction price allocated to performance obligation | $ 199,000,000 | 199,000,000 | ||||||||
Contract with customer liability, revenue recognized | 6,800,000 | 20,300,000 | ||||||||
Short-term deferred revenue | 27,800,000 | 27,800,000 | 32,000,000 | |||||||
Long-term deferred revenue | $ 116,600,000 | 116,600,000 | $ 120,800,000 | |||||||
Gilead Agreement Based Performance [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
License fee amount received,recognised as revenue | $ 11,000,000 |
Collaboration Agreements - Ad_2
Collaboration Agreements - Additional Information (Details1) | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Revenue remaining performance obligations expected remaining contractual term | 5 years 10 months 24 days |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Money market funds | $ 93,387 | $ 12,698 |
Cash equivalents, U.S. Treasury bills | 51,647 | 7,175 |
Total assets | 443,865 | 181,812 |
Marketable Debt Securities [Member] | U.S. Treasury Bills [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 253,232 | 131,939 |
Marketable Debt Securities [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 45,599 | 30,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Money market funds | 93,387 | 12,698 |
Total assets | 93,387 | 12,698 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Money market funds | ||
Cash equivalents, U.S. Treasury bills | 51,647 | 7,175 |
Total assets | 350,478 | 169,114 |
Level 2 [Member] | Marketable Debt Securities [Member] | U.S. Treasury Bills [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | 253,232 | 131,939 |
Level 2 [Member] | Marketable Debt Securities [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable debt securities | $ 45,599 | $ 30,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value assets transfer from Level 1 to Level 2 | $ 0 |
Fair value assets transfer from Level 2 to Level 1 | 0 |
Fair value liabilities transfer from Level 1 to Level 2 | 0 |
Fair value liabilities transfer from Level 2 to Level 1 | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Debt Securities, Available For Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 298,841 | $ 161,922 |
Gross Unrealized Gains | 15 | 17 |
Gross Unrealized Loss | (25) | |
Fair Value | 298,831 | 161,939 |
U.S. Treasury Bills [Member] | Marketable Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 253,232 | 131,927 |
Gross Unrealized Gains | 12 | 12 |
Gross Unrealized Loss | (12) | |
Fair Value | 253,232 | 131,939 |
U.S. Government Agency Bonds [Member] | Marketable Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,609 | 29,995 |
Gross Unrealized Gains | 3 | 5 |
Gross Unrealized Loss | (13) | |
Fair Value | $ 45,599 | $ 30,000 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - Marketable Debt Securities [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Impairments to marketable securities or reserves for credit losses | $ 0 | $ 0 | $ 0 | $ 0 | |
Marketable securities, Accrued interest | 100,000 | 100,000 | $ 100,000 | ||
U.S. Government Agency Bonds [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities considered to be an unrealized loss position | $ 0 | ||||
U.S. Government Agency Bonds [Member] | Maximum [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities considered to be an unrealized loss position | $ 100,000 | $ 100,000 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Depreciation expense | $ 200 | $ 200 | $ 641 | $ 527 |
Security Deposits [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Restricted cash | $ 2,300 | $ 2,300 | $ 2,300 | $ 2,300 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information -Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,024 | $ 5,507 |
Less: Accumulated depreciation | (2,318) | (1,684) |
Property and equipment, net | 4,706 | 3,823 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,567 | 4,580 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 172 | 172 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 125 | 125 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 467 | 384 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 246 | $ 246 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 447 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Payroll and employee-related costs | $ 2,556 | $ 2,652 |
Research and development costs | 6,347 | 2,695 |
Other current liabilities | 1,075 | 793 |
Total accrued expenses and other current liabilities | $ 9,978 | $ 6,140 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 204,974 | $ 28,381 | |
Construction in Progress [Member] | |||
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 204,974 | $ 105,714 | |
Restricted cash | 2,279 | 2,279 | |
Cash, cash equivalents and restricted cash | $ 207,253 | $ 107,993 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021USD ($)$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Aug. 17, 2020 | Dec. 31, 2019 | Jul. 31, 2017shares | |
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 10,000,000 | 10,000,000 | |||||||||
Repayments of convertible notes and accrued interest | $ | $ 4.7 | ||||||||||
Preferred to Common exchange ratio | 0.34 | ||||||||||
Redeemable convertible preferred stock Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock allocated to investors | 55,000,000 | ||||||||||
Redeemable convertible preferred stock shares authorized | 55,700,000 | ||||||||||
Redeemable convertible preferred stock issued during period shares new issues | 11,000,000 | 18,700,000 | 26,000,000 | ||||||||
Redeemable convertible preferred stock issue price per share | $ / shares | $ 1 | $ 1 | $ 1 | ||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ | $ 11 | $ 14 | $ 26 | ||||||||
Redeemable convertible preferred stock Issuance Costs | $ | $ 0.1 | ||||||||||
Preferred to Common exchange ratio | 1 | ||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 45,372,051 | ||||||||||
Redeemable convertible preferred stock issued during period shares new issues | 22,686,025 | 22,686,025 | |||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ | $ 30 | $ 29.8 | |||||||||
Redeemable convertible preferred stock issue price per share | $ / shares | $ 1.32 | $ 1.32 | |||||||||
Redeemable convertible preferred stock Issuance Costs | $ | $ 0.1 | $ 0.2 | |||||||||
Series B-1 Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 27,152,255 | ||||||||||
Redeemable convertible preferred stock issued during period shares new issues | 27,152,255 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ | $ 51.1 | ||||||||||
Redeemable convertible preferred stock issue price per share | $ / shares | $ 1.89 | ||||||||||
Redeemable convertible preferred stock Issuance Costs | $ | $ 0.1 | ||||||||||
Preferred to Common exchange ratio | 1 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($)shares | Jun. 30, 2021shares | Mar. 31, 2021shares | Sep. 30, 2020USD ($)shares | Jun. 30, 2020shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Aug. 10, 2021 | |
Share based payment arrangement,Options exercised | 584,561 | |||||||
Stock-based compensation expense | $ | $ 3,430 | $ 418 | $ 5,576 | $ 1,233 | ||||
Merger Exchange Ratio | 0.34 | 0.34 | 0.34 | |||||
Stock Option Activity [Member] | ||||||||
Unrecognized compensation cost | $ | $ 26,400 | $ 26,400 | ||||||
Unrecognized compensation cost, weighted average period | 3 years 1 month 6 days | |||||||
Merger Exchange Ratio | 0.34 | 0.34 | ||||||
2021 Plan [Member] | ||||||||
Share based payment arrangement, Shares reserved for future issuance | 6,908,373 | 6,908,373 | ||||||
Common Stock [Member] | ||||||||
Share based payment arrangement,Options exercised | 69,744 | 210,748 | 304,080 | 1,142 | 6,688 | |||
Restricted Stock Awards [Member] | ||||||||
Stock-based compensation expense | $ | $ 500 | |||||||
Vested | 256,385 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 3,430 | $ 418 | $ 5,576 | $ 1,233 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,558 | 233 | 3,570 | 682 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 872 | $ 185 | $ 2,006 | $ 551 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares Beginning balance | shares | 4,094,544 | |
Number of Shares Granted | shares | 5,564,341 | |
Number of Shares Exercised | shares | (584,561) | |
Number of Shares Cancelled | shares | (247,427) | |
Number of Shares Ending balance | shares | 8,826,897 | 4,094,544 |
Number of Shares Options exercisable | shares | 1,843,814 | |
Weighted Average Exercise Price Beginning balance | $ / shares | $ 1.88 | |
Weighted Average Exercise Price Granted | $ / shares | 6.92 | |
Weighted Average Exercise Price Exercised | $ / shares | 1.64 | |
Weighted Average Exercise Price Cancelled | $ / shares | 3.37 | |
Weighted Average Exercise Price Ending balance | $ / shares | 5.03 | $ 1.88 |
Weighted Average Exercise Price Options exercisable | $ / shares | $ 2.56 | |
Weighted Average Contractual Term | 8 years 8 months 4 days | 8 years 6 months 29 days |
Weighted Average Contractual Term Options exercisable | 6 years 7 months 24 days | |
Aggregate Intrinsic Value | $ | $ 69,725,604 | $ 6,625,511 |
Aggregate Intrinsic Value Options exercisable | $ | $ 19,120,394 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss | $ (19,590) | $ (4,493) | $ (12,106) | $ (26,802) | $ (8,392) | $ (7,914) | $ (36,189) | $ (43,108) |
Net loss attributable to common stockholders – basic and diluted | $ (19,590) | $ (26,802) | $ (36,189) | $ (43,108) | ||||
Denominator: | ||||||||
Weighted average common shares, basic and diluted | 70,160,663 | 35,069,988 | 53,397,557 | 29,176,082 | ||||
Net loss per share attributable to common stockholders – basic and diluted | $ (0.28) | $ (0.76) | $ (0.68) | $ (1.48) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,827,110 | 3,979,191 |
Stock options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,826,897 | 3,379,915 |
Unvested restricted common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 213 | 599,276 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Tax provision or benefit | $ 62 | $ 0 | $ 115 | $ 0 |
Effective income tax rate | 0.30% | 0.00% | 0.70% | 0.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions | Nov. 09, 2021USD ($) |
Lease termination agreement month and year | 2021-11 |
Option to terminate, description | The lease termination agreement is a modification of the lease agreement for these premises that provides, among other things, the acceleration of the expiration of the original term of the lease from June 30, 2026 to an earlier lease termination date, for which the earlier date shall be no later than October 15, 2022. |
Lessee, operating lease, existence of option to terminate [true false] | true |
Restricted Cash | $ 0.6 |
Minimum [Member] | |
Lease expiration date | Oct. 15, 2022 |
Maximum [Member] | |
Lease expiration date | Jun. 30, 2026 |