Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
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 | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 | 201 Brookline Ave. | |
Entity Address, Address Line Two | Suite 901 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02215 | |
City Area Code | 857 | |
Local Phone Number | 320-4900 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 88,406,523 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 57,252 | $ 59,968 |
Marketable securities | 276,387 | 306,165 |
Accounts receivable | 2,000 | |
Restricted cash | 567 | |
Prepaid expenses and other current assets | 9,361 | 6,572 |
Total current assets | 343,000 | 375,272 |
Property and equipment, net | 11,106 | 10,884 |
Operating lease right-of-use assets | 46,225 | 46,886 |
Restricted cash, net of current portion | 3,423 | 3,423 |
Other assets | 19 | 5 |
Total assets | 403,773 | 436,470 |
Current liabilities: | ||
Accounts payable | 6,296 | 4,453 |
Accrued expenses and other current liabilities | 10,692 | 17,495 |
Operating lease liabilities | 2,638 | 1,770 |
Deferred revenue | 34,011 | 31,792 |
Income tax payable | 35 | 35 |
Total current liabilities | 53,672 | 55,545 |
Operating lease liabilities, net of current portion | 38,735 | 39,361 |
Deferred revenue, net of current portion | 84,102 | 92,088 |
Total liabilities | 176,509 | 186,994 |
Commitments and contingencies (Note 7) | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 200,000,000 shares authorized at March 31, 2023 and December 31, 2022; 88,209,964 and 88,179,374 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 88 | 88 |
Additional paid-in capital | 526,897 | 522,605 |
Accumulated other comprehensive loss | (2,201) | (3,705) |
Accumulated deficit | (297,520) | (269,512) |
Total stockholders' equity | 227,264 | 249,476 |
Total liabilities and stockholders' equity | $ 403,773 | $ 436,470 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 200,000,000 |
Common Stock, Shares, Issued | 88,209,964 | 88,179,374 |
Common Stock, Shares, Outstanding | 88,209,964 | 88,179,374 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Collaboration revenue | $ 5,766 | $ 5,758 |
Operating expenses: | ||
Research and development | 28,039 | 24,330 |
General and administrative | 8,013 | 6,807 |
Total operating expenses | 36,052 | 31,137 |
Loss from operations | (30,286) | (25,379) |
Other income (expense): | ||
Interest income | 1,061 | 218 |
Other income (expense), net | 1,217 | (47) |
Total other income, net | 2,278 | 171 |
Net loss | $ (28,008) | $ (25,208) |
Net loss per common share - basic | $ (0.32) | $ (0.29) |
Net loss per common share - diluted | $ (0.32) | $ (0.29) |
Weighted average number of common shares outstanding - basic | 88,193,917 | 87,670,653 |
Weighted average number of common shares outstanding - diluted | 88,193,917 | 87,670,653 |
Net loss | $ (28,008) | $ (25,208) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities | 1,504 | (2,645) |
Comprehensive loss | $ (26,504) | $ (27,853) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Balance at the beginning at Dec. 31, 2021 | $ 344,747 | $ 88 | $ 506,760 | $ (765) | $ (161,336) |
Balance at the beginning (in Shares) at Dec. 31, 2021 | 87,598,184 | ||||
Issuance of common stock from exercise of options and employee stock purchase plan | 265 | 265 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares) | 111,315 | ||||
Stock based compensation expense | 3,205 | 3,205 | |||
Business combination and PIPE financing, issuance costs | (8) | (8) | |||
Other comprehensive income (loss) | (2,645) | (2,645) | |||
Net loss | (25,208) | (25,208) | |||
Balance at the ending at Mar. 31, 2022 | 320,356 | $ 88 | 510,222 | (3,410) | (186,544) |
Balance at the ending (in Shares) at Mar. 31, 2022 | 87,709,499 | ||||
Balance at the beginning at Dec. 31, 2022 | 249,476 | $ 88 | 522,605 | (3,705) | (269,512) |
Balance at the beginning (in Shares) at Dec. 31, 2022 | 88,179,374 | ||||
Issuance of common stock from exercise of options and employee stock purchase plan | 73 | 73 | |||
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares) | 30,590 | ||||
Stock based compensation expense | 4,219 | 4,219 | |||
Other comprehensive income (loss) | 1,504 | 1,504 | |||
Net loss | (28,008) | (28,008) | |||
Balance at the ending at Mar. 31, 2023 | $ 227,264 | $ 88 | $ 526,897 | $ (2,201) | $ (297,520) |
Balance at the ending (in Shares) at Mar. 31, 2023 | 88,209,964 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (28,008) | $ (25,208) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation | 581 | 309 |
Noncash operating lease expense | 877 | 361 |
Stock-based compensation | 4,219 | 3,205 |
Other, net | (889) | 54 |
Changes in operating assets and liabilities: | ||
Accounts Receivable | 2,000 | |
Prepaid expenses and other current assets | (2,783) | (3,687) |
Other long-term assets | (13) | 4 |
Accounts payable | 1,552 | (359) |
Accrued expenses and other liabilities | (6,703) | (157) |
Operating lease liabilities | 26 | (429) |
Deferred revenue | (5,766) | (3,758) |
Net cash used in operating activities | (34,907) | (29,665) |
Cash flows from investing activities | ||
Purchase of property and equipment | (620) | (1,561) |
Sales and maturities of marketable securities | 84,705 | 44,415 |
Purchases of marketable securities | (52,534) | (54,571) |
Net cash provided by (used in) investing activities | 31,551 | (11,717) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon exercise of stock options | 73 | 265 |
Payment of Business Combination and PIPE Financing transaction costs | (8) | |
Net cash provided by financing activities | 73 | 257 |
Net change in cash, cash equivalents and restricted cash | (3,283) | (41,125) |
Cash, cash equivalents and restricted cash, beginning of period | 63,958 | 145,024 |
Cash, cash equivalents and restricted cash, end of period | 60,675 | 103,899 |
Supplemental cash flow information: | ||
Cash paid for leases | 746 | 465 |
Supplemental disclosure of noncash investing and financing activity: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 290 | $ 500 |
Revaluation of right-of-use asset and lease liability upon to lease remeasurement | $ (215) |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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. is a precision oncology company committed to the discovery and development of novel drugs in defined patient populations with high unmet medical need. 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (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 subsidiaries 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 months ended March 31, 2023 and 2022 are not necessarily indicative of the results for the year ending December 31, 2023, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements for the three months ended March 31, 2023 and 2022 have been prepared on the same basis as and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on March 27, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. 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. |
Collaboration Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Collaboration Agreements [Abstract] | |
Collaboration Agreements | 3. 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). Gilead paid the Company a $ 50.0 million non-refundable upfront payment upon the execution of the 2018 Gilead Agreement and is eligible to receive certain milestone payments . 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 the Company’s Series B-1 preferred stock offering. At the time of the original investment, as well as of the March 31, 2023 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 option-extension fees and the Company will continue to collaborate with Gilead to discover and develop programs, potentially through early clinical development; • Gilead has the option to “reserve” a target during which Gilead may: (i) license the target, (ii) “extend” the target, or (iii) decline the target, during the designated reserve target period. If, during the reserve target period Tango elects to work on the reserved target, Tango will retain full rights to the target program and Gilead receives a right of first negotiation in connection with any future partnering or licensing of such target by Tango, if any; 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 option-extension, and clinical, regulatory, and commercial milesto nes and royalties on future sales of commercialized products, if any. 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 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 option-extensions is paid to the Company in equal quarterly installment payments over an agreed upon payment schedule. The research option-extension consideration was added to the transaction price under the Gilead Agreement. Gilead Revenue Recognized The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $ 199.0 million at March 31, 2023 . 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 Agre ement, and $ 24.0 million pursuant to the research option-extension fee payments related to decisions made in 2020 and 2021. During the three months ended March 31, 2023 and 2022, the Company recognized $ 5.8 million and $ 5.8 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period. 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 March 31, 2023 and December 31, 2022, the Company had short-term deferred revenue of $ 34.0 million and $ 31.8 million, respectively, and long-term deferred revenue of $ 84.1 million and $ 92.1 million, respectively, related to the Gilead collaboration. The remaining long-term deferred revenue is expected to be recognized proportionally to the completed obligations over an expected remaining contractual term of approximately 4.4 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 sheets. Costs incurred pursuant to the Gilead Agreements are recorded as research and development expense. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. 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 $ 12,337 $ — $ — $ 12,337 U.S. Treasury bills — 14,362 — 14,362 Marketable debt securities: U.S. Treasury bills — 143,015 — 143,015 U.S. government agency bonds — 133,372 — 133,372 Total assets $ 12,337 $ 290,749 $ — $ 303,086 Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents Money market funds $ 7,577 $ — $ — $ 7,577 U.S. Treasury bills — 16,030 — 16,030 Marketable debt securities U.S. Treasury bills — 199,245 — 199,245 U.S. government agency bonds — 106,920 — 106,920 Total assets $ 7,577 $ 322,195 $ — $ 329,772 There were no transfers between fair value levels during the three months ended March 31, 2023 . |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
Marketable Securities | 5. 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 March 31, 2023 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 144,564 $ 9 $ ( 1,558 ) $ 143,015 U.S. government agency bonds 134,031 45 ( 704 ) 133,372 $ 278,595 $ 54 $ ( 2,262 ) $ 276,387 Fair Value Measurements as of December 31, 2022 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 201,834 $ 21 $ ( 2,610 ) $ 199,245 U.S. government agency bonds 108,036 — ( 1,116 ) 106,920 $ 309,870 $ 21 $ ( 3,726 ) $ 306,165 The Company holds marketable debt securities with an aggregate fair value of $ 12.9 million as of March 31, 2023 with contractual maturity dates greater than one year. The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position: March 31, 2023 Less than twelve months Greater than twelve months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands) U.S. Treasury bills $ - $ - $ 87,287 $ ( 1,558 ) $ 87,287 $ ( 1,558 ) U.S. government agency bonds 94,820 ( 477 ) 20,769 ( 226 ) 115,589 ( 703 ) $ 94,820 $ ( 477 ) $ 108,055 $ ( 1,784 ) $ 202,876 $ ( 2,262 ) December 31, 2022 Less than twelve months Greater than twelve months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands) U.S. Treasury bills $ 44,213 $ ( 640 ) $ 84,997 $ ( 1,970 ) $ 129,210 $ ( 2,610 ) U.S. government agency bonds 68,919 ( 627 ) 38,000 ( 489 ) 106,919 ( 1,116 ) $ 113,132 $ ( 1,267 ) $ 122,997 $ ( 2,459 ) $ 236,129 $ ( 3,726 ) The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at March 31, 2023 , the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and 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. Further, the Company did no t record any impairments to marketable se curities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $ 0.9 million and $ 0.5 million in ac crued interest at March 31, 2023 and December 31, 2022 , respectively. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | 6. Supplemental Balance Sheet Information Property and Equipment Property and equipment, net as of March 31, 2023 and December 31, 2022 consists of the following: March 31, December 31, (in thousands) Laboratory equipment $ 7,714 $ 7,720 Computer equipment 2,262 2,235 Computer software 125 125 Furniture and fixtures 1,737 1,699 Leasehold improvements 2,831 2,778 Construction in progress 678 8 15,347 14,565 Less: Accumulated depreciation ( 4,241 ) ( 3,681 ) Property and equipment, net $ 11,106 $ 10,884 Depreciation expens e was $ 0.6 million a nd $ 0.3 million for the three months ended March 31, 2023 and 2022, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 include the following: March 31, December 31, (in thousands) Payroll and employee-related costs $ 2,040 $ 5,738 Research and development costs 7,127 10,490 Other 1,525 1,267 Total accrued expenses and other current liabilities $ 10,692 $ 17,495 Restricted Cash As of March 31, 2023 and 2022, the Company maintained a restricted cash balance of $ 3.4 million and $ 4.0 million, respectively, 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: March 31, March 31, (in thousands) Cash and cash equivalents $ 57,252 $ 99,909 Restricted cash 3,423 3,990 Cash, cash equivalents and restricted cash $ 60,675 $ 103,899 A $ 0.6 million letter of credit associated with the previous facility lease at 100 Binney Street and recorded as short-term restricted cash on the balance sheet as of December 31, 2022 was released to the Company in March 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Other Funding Commitments As of March 31, 2023, the Company had ongoing preclinical and clinical studies. The Company enters into contracts in the normal course of business with contract research organizations in connection with preparation and operation of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other preclinical and clinical services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties. 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, construction companies, contract research organizations, clinical trial sites, and other parties. 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 March 31, 2023, 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 | 3 Months Ended |
Mar. 31, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 8. Redeemable Convertible Preferred Stock Undesignated Preferred Stock The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of preferred stock with a par value of $ 0.001 per share. The number of shares of preferred stock authorized to be issued is 10,000,000 shares as of March 31, 2023. The shares of preferred stock are currently undesignated and no shares are issued or outstanding . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Incentive Plan In March 2017, the Company's stockholders approved the 2017 Stock Option and Grant Plan, pursuant to which stock options, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs), or any combination of the forgoing could be issued 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 issue stock options, stock appreciation awards, restricted stock awards, unrestricted stock awards, restricted stock units (RSUs) and cash-based awards, or any combination of the forgoing to eligible employees, officers, directors, or consultants. As of March 31, 2023 , the Company had 6,662,594 shares available for future issuance under the 2021 Plan. The 2023 Inducement Plan (the Inducement Plan) became effective upon approval of the Company's board of directors in February 2023. The Inducement Plan allows the Company to make equity and equity-based incentive awards to individuals who were not previously employees or directors of the Company. As of March 31, 2023 , the Company had 2,256,250 shares available for future issuance under the Inducement Plan. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations: Three Months Ended March 31, 2023 2022 (in thousands) Research and development $ 2,135 $ 1,642 General and administrative 2,084 1,563 Total $ 4,219 $ 3,205 Stock Option Activity The following table summarizes the stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2022 12,924,086 $ 6.50 8.13 $ 24,267,448 Granted 4,257,952 5.37 Exercised ( 30,590 ) 2.37 Cancelled ( 133,208 ) 9.65 Options outstanding as of March 31, 2023 17,018,240 $ 6.20 8.37 $ 6,441,051 Options exercisable as of March 31, 2023 6,042,026 $ 5.32 7.26 $ 5,253,390 As of March 31, 2023, total unrecognized compensation expense related to stock opti ons was $ 48.0 million, whic h the Company expects to recognize over a remaining weighted-average period of 2.9 years. Restricted Stock Unit Activity The following table summarizes the RSU activity for the three months ended March 31, 2023: Number of Weighted Average Unvested and outstanding as of December 31, 2022 — $ - Granted 637,138 5.20 Vested — — Forfeited ( 3,512 ) 5.20 Unvested and outstanding as of March 31, 2023 633,626 $ 5.20 As of March 31, 2023, total unrecognized compensation expense related to RSUs wa s $ 3.2 million, w hich the Company expects to recognize over a remaining weighted-average period of 2.8 years. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the 2021 ESPP) was adopted and approved by the Company’s board of directors and by the Company’s stockholders and became effective upon the closing of the Business Combination. During the three months ended March 31, 2023 , the Company issued zero shares of co mmon stock under the 2021 ESPP. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended March 31, (in thousands, except per share data) 2023 2022 Numerator: Net loss $ ( 28,008 ) $ ( 25,208 ) Denominator: Weighted-average common stock outstanding – basic and diluted 88,193,917 87,670,653 Net loss per common share – basic and diluted $ ( 0.32 ) $ ( 0.29 ) 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: March 31, 2023 2022 Stock options to purchase common stock 17,018,240 12,741,946 Unvested restricted common stock 633,626 — Total 17,651,866 12,741,946 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s effective income tax rate w as 0.0 % and 0.0 % fo r the three months ended March 31, 2023 and 2022, respectively. The income tax provisio n was $ 0 and $ 0 for the three months ended March 31, 2023 and 2022 , respectively. Consistent with the prior year, for 2023 the Company assessed the requirement to capitalize and amortize research and experimentation expenditures for US tax purposes, which remains effective as of March 31, 2023. The Company is forecasting a taxable loss position in 2023 for which no tax benefit is recorded due to the valuation allowance maintained against the Company’s deferred tax assets. The effective income tax rate for the three months ended March 31, 2023 and 2022 differed from the 21.0 % federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. |
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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 12,337 $ — $ — $ 12,337 U.S. Treasury bills — 14,362 — 14,362 Marketable debt securities: U.S. Treasury bills — 143,015 — 143,015 U.S. government agency bonds — 133,372 — 133,372 Total assets $ 12,337 $ 290,749 $ — $ 303,086 Fair Market Value Measurements Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents Money market funds $ 7,577 $ — $ — $ 7,577 U.S. Treasury bills — 16,030 — 16,030 Marketable debt securities U.S. Treasury bills — 199,245 — 199,245 U.S. government agency bonds — 106,920 — 106,920 Total assets $ 7,577 $ 322,195 $ — $ 329,772 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Marketable 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 March 31, 2023 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 144,564 $ 9 $ ( 1,558 ) $ 143,015 U.S. government agency bonds 134,031 45 ( 704 ) 133,372 $ 278,595 $ 54 $ ( 2,262 ) $ 276,387 Fair Value Measurements as of December 31, 2022 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 201,834 $ 21 $ ( 2,610 ) $ 199,245 U.S. government agency bonds 108,036 — ( 1,116 ) 106,920 $ 309,870 $ 21 $ ( 3,726 ) $ 306,165 |
Summary of Fair value and Gross Unrealized Losses on Securities | The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position: March 31, 2023 Less than twelve months Greater than twelve months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands) U.S. Treasury bills $ - $ - $ 87,287 $ ( 1,558 ) $ 87,287 $ ( 1,558 ) U.S. government agency bonds 94,820 ( 477 ) 20,769 ( 226 ) 115,589 ( 703 ) $ 94,820 $ ( 477 ) $ 108,055 $ ( 1,784 ) $ 202,876 $ ( 2,262 ) December 31, 2022 Less than twelve months Greater than twelve months Total Fair value Unrealized loss Fair value Unrealized loss Fair value Unrealized loss (in thousands) U.S. Treasury bills $ 44,213 $ ( 640 ) $ 84,997 $ ( 1,970 ) $ 129,210 $ ( 2,610 ) U.S. government agency bonds 68,919 ( 627 ) 38,000 ( 489 ) 106,919 ( 1,116 ) $ 113,132 $ ( 1,267 ) $ 122,997 $ ( 2,459 ) $ 236,129 $ ( 3,726 ) |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment, net as of March 31, 2023 and December 31, 2022 consists of the following: March 31, December 31, (in thousands) Laboratory equipment $ 7,714 $ 7,720 Computer equipment 2,262 2,235 Computer software 125 125 Furniture and fixtures 1,737 1,699 Leasehold improvements 2,831 2,778 Construction in progress 678 8 15,347 14,565 Less: Accumulated depreciation ( 4,241 ) ( 3,681 ) Property and equipment, net $ 11,106 $ 10,884 |
Schedule of Accrued Expenses and Other Current Liabilities Current | Accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 include the following: March 31, December 31, (in thousands) Payroll and employee-related costs $ 2,040 $ 5,738 Research and development costs 7,127 10,490 Other 1,525 1,267 Total accrued expenses and other current liabilities $ 10,692 $ 17,495 |
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: March 31, March 31, (in thousands) Cash and cash equivalents $ 57,252 $ 99,909 Restricted cash 3,423 3,990 Cash, cash equivalents and restricted cash $ 60,675 $ 103,899 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule 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 March 31, 2023 2022 (in thousands) Research and development $ 2,135 $ 1,642 General and administrative 2,084 1,563 Total $ 4,219 $ 3,205 |
Schedule of Stock Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2023: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2022 12,924,086 $ 6.50 8.13 $ 24,267,448 Granted 4,257,952 5.37 Exercised ( 30,590 ) 2.37 Cancelled ( 133,208 ) 9.65 Options outstanding as of March 31, 2023 17,018,240 $ 6.20 8.37 $ 6,441,051 Options exercisable as of March 31, 2023 6,042,026 $ 5.32 7.26 $ 5,253,390 |
Summary of Restricted Stock Unit Activity | The following table summarizes the RSU activity for the three months ended March 31, 2023: Number of Weighted Average Unvested and outstanding as of December 31, 2022 — $ - Granted 637,138 5.20 Vested — — Forfeited ( 3,512 ) 5.20 Unvested and outstanding as of March 31, 2023 633,626 $ 5.20 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (in thousands, except per share data) 2023 2022 Numerator: Net loss $ ( 28,008 ) $ ( 25,208 ) Denominator: Weighted-average common stock outstanding – basic and diluted 88,193,917 87,670,653 Net loss per common share – basic and diluted $ ( 0.32 ) $ ( 0.29 ) |
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: March 31, 2023 2022 Stock options to purchase common stock 17,018,240 12,741,946 Unvested restricted common stock 633,626 — Total 17,651,866 12,741,946 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2020 USD ($) Program | Oct. 31, 2018 Program | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
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 | |||||||
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) | ||||||||
Research extension fee | $ 12,000,000 | $ 12,000,000 | |||||||
Amended Gilead Agreement [Member] | Minimum [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Ownership percentage in common stock | 10% | ||||||||
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 Agreement [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Transaction price allocated to performance obligation | $ 199,000,000 | ||||||||
Cummulative research extension fee | 24,000,000 | ||||||||
Short-term deferred revenue | 34,000,000 | $ 31,800,000 | |||||||
Long-term deferred revenue | 84,100,000 | $ 92,100,000 | |||||||
Collaboration Revenue [Member] | Gilead Agreement [Member] | |||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||
Contract with customer liability, revenue recognized | $ 5,800,000 | $ 5,800,000 |
Collaboration Agreements - Ad_2
Collaboration Agreements - Additional Information (Details1) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-21 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Revenue remaining performance obligations expected remaining contractual term | 4 years 4 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Money market funds | $ 12,337 | $ 7,577 |
Cash equivalents, U.S. Treasury bills | 14,362 | 16,030 |
Total assets | 303,086 | 329,772 |
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 | 143,015 | 199,245 |
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 | 133,372 | 106,920 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, Money market funds | 12,337 | 7,577 |
Total assets | 12,337 | 7,577 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, U.S. Treasury bills | 14,362 | 16,030 |
Total assets | 290,749 | 322,195 |
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 | 143,015 | 199,245 |
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 | $ 133,372 | $ 106,920 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 278,595 | $ 309,870 |
Gross Unrealized Gains | 54 | 21 |
Gross Unrealized Loss | (2,262) | (3,726) |
Fair Value | 276,387 | 306,165 |
U.S. Treasury Bills [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 144,564 | 201,834 |
Gross Unrealized Gains | 9 | 21 |
Gross Unrealized Loss | (1,558) | (2,610) |
Fair Value | 143,015 | 199,245 |
U.S. Government Agency Bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 134,031 | 108,036 |
Gross Unrealized Gains | 45 | |
Gross Unrealized Loss | (704) | (1,116) |
Fair Value | $ 133,372 | $ 106,920 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Fair Value and Gross Unrealized Losses on Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Securities Less than twelve months, Fair value | $ 94,820 | $ 113,132 |
Securities Less than twelve months, Unrealized loss | (477) | (1,267) |
Securities Greater than twelve months, Fair value | 108,055 | 122,997 |
Securities Greater than twelve months, Unrealized loss | (1,784) | (2,459) |
Securities, Total Fair value | 202,876 | 236,129 |
Securities, Total Unrealized loss | (2,262) | (3,726) |
U.S. Treasury Bills [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities Less than twelve months, Fair value | 44,213 | |
Securities Less than twelve months, Unrealized loss | (640) | |
Securities Greater than twelve months, Fair value | 87,287 | 84,997 |
Securities Greater than twelve months, Unrealized loss | (1,558) | (1,970) |
Securities, Total Fair value | 87,287 | 129,210 |
Securities, Total Unrealized loss | (1,558) | (2,610) |
U.S. Government Agency Bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Securities Less than twelve months, Fair value | 94,820 | 68,919 |
Securities Less than twelve months, Unrealized loss | (477) | (627) |
Securities Greater than twelve months, Fair value | 20,769 | 38,000 |
Securities Greater than twelve months, Unrealized loss | (226) | (489) |
Securities, Total Fair value | 115,589 | 106,919 |
Securities, Total Unrealized loss | $ (703) | $ (1,116) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Marketable securities, Accrued interest | $ 900,000 | $ 500 |
Fair Value | 276,387,000 | 306,165,000 |
Marketable Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Impairments to marketable securities or reserves for credit losses | 0 | $ 0 |
Fair Value | $ 12,900 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Depreciation expense | $ 581 | $ 309 | |
100 Binney Street [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Letter of credit to provide for amount that collateralized with cash | $ 600 | ||
Security Deposits [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Restricted cash | $ 3,400 | $ 4,000 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 15,347 | $ 14,565 |
Less: Accumulated depreciation | (4,241) | (3,681) |
Property and equipment, net | 11,106 | 10,884 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 7,714 | 7,720 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,262 | 2,235 |
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 | 1,737 | 1,699 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,831 | 2,778 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 678 | $ 8 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and employee-related costs | $ 2,040 | $ 5,738 |
Research and development costs | 7,127 | 10,490 |
Other current liabilities | 1,525 | 1,267 |
Total accrued expenses and other current liabilities | $ 10,692 | $ 17,495 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||
Cash and cash equivalents | $ 57,252 | $ 59,968 | |
Construction in Progress [Member] | |||
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||
Cash and cash equivalents | 57,252 | $ 99,909 | |
Restricted cash | 3,423 | 3,990 | |
Cash, cash equivalents and restricted cash | $ 60,675 | $ 103,899 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Stockholders' Equity Note [Abstract] | ||
Redeemable convertible preferred stock shares authorized | 10,000,000 | 10,000,000 |
Redeemable convertible preferred stock Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Redeemable convertible preferred stock, issued | 0 | 0 |
Redeemable convertible preferred stock, outstanding | 0 | 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 48 |
Weighted-average amortization period | 2 years 10 months 24 days |
2021 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares reserved for issuance | 6,662,594 |
2023 Inducement Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares reserved for issuance | 2,256,250 |
2021 Employee Stock Purchase Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock issued | 0 |
Restricted Stock Unit [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ | $ 3.2 |
Weighted-average amortization period | 2 years 9 months 18 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 4,219 | $ 3,205 |
Research and Development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 2,135 | 1,642 |
General and Administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,084 | $ 1,563 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Options outstanding Beginning balance | 12,924,086 | |
Number of Shares Granted | 4,257,952 | |
Number of Shares Exercised | (30,590) | |
Number of Shares Cancelled | (133,208) | |
Number of Shares, Options outstanding Ending balance | 17,018,240 | 12,924,086 |
Number of Shares Options exercisable | 6,042,026 | |
Weighted Average Exercise Price, Options outstanding Beginning balance | $ 6.50 | |
Weighted Average Exercise Price Granted | 5.37 | |
Weighted Average Exercise Price Exercised | 2.37 | |
Weighted Average Exercise Price Cancelled | 9.65 | |
Weighted Average Exercise Price, Options outstanding Ending balance | 6.20 | $ 6.50 |
Weighted Average Exercise Price Options exercisable | $ 5.32 | |
Weighted Average Contractual Term, Options outstanding | 8 years 4 months 13 days | 8 years 1 month 17 days |
Weighted Average Contractual Term Options exercisable | 7 years 3 months 3 days | |
Aggregate Intrinsic Value, Options outstanding | $ 6,441,051 | $ 24,267,448 |
Aggregate Intrinsic Value Options exercisable | $ 5,253,390 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Unit [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Stock Units, Granted | shares | 637,138 |
Number of Stock Units, Forfeited | shares | (3,512) |
Number of Stock Units, Unvested and outstanding Ending balance | shares | 633,626 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | $ 5.20 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 5.20 |
Weighted Average Grant Date Fair Value Per Share, Unvested and outstanding Ending balance | $ / shares | $ 5.20 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (28,008) | $ (25,208) |
Denominator: | ||
Weighted-average common stock outstanding - basic | 88,193,917 | 87,670,653 |
Weighted-average common stock outstanding - diluted | 88,193,917 | 87,670,653 |
Net loss per common share - basic | $ (0.32) | $ (0.29) |
Net loss per common share - diluted | $ (0.32) | $ (0.29) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,651,866 | 12,741,946 |
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 | 17,018,240 | 12,741,946 |
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 | 633,626 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Tax provision or benefit | $ 0 | $ 0 |
Effective income tax rate | 0% | 0% |
Federal statutory rate | 21% | 21% |
Forecasting Taxable Loss Position Deferred Tax Assets [Member] | ||
Tax provision or benefit | $ 0 |