Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | TANGO THERAPEUTICS, INC. |
Entity Central Index Key | 0001819133 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 50,902 | $ 28,381 | $ 22,889 |
Marketable securities | 147,452 | 161,939 | 17,536 |
Accounts receivable | 2,000 | 2,000 | 0 |
Prepaid expenses and other current assets | 1,707 | 1,312 | 1,231 |
Total current assets | 202,061 | 193,632 | 41,656 |
Property and equipment, net | 4,397 | 3,823 | 3,442 |
Operating lease right-of-use assets | 6,988 | 7,480 | 8,387 |
Restricted cash | 2,279 | 2,279 | 2,279 |
Other assets | 1,515 | 38 | 0 |
Total assets | 217,240 | 207,252 | 55,764 |
Current liabilities: | |||
Accounts payable | 5,242 | 1,841 | 670 |
Accrued expenses and other current liabilities | 6,434 | 6,140 | 4,932 |
Operating lease liabilities | 1,047 | 959 | 655 |
Deferred revenue | 24,500 | 31,977 | 19,594 |
Total current liabilities | 37,223 | 40,917 | 25,851 |
Operating lease liabilities, net of current portion | 6,384 | 6,925 | 7,884 |
Deferred revenue, net of current portion | 118,742 | 120,805 | 14,106 |
Other long-term liabilities | 0 | 5 | 18 |
Total liabilities | 162,349 | 168,652 | 47,859 |
Commitments and contingencies | |||
Stockholders' deficit: | |||
Common stock | 15 | 13 | 13 |
Additional paid-in capital | 8,040 | 5,127 | 3,311 |
Accumulated other comprehensive income | 2 | 17 | 10 |
Accumulated deficit | (119,700) | (103,101) | (51,129) |
Total stockholders' deficit | (111,643) | (97,944) | (47,795) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 217,240 | 207,252 | 55,764 |
Series A Preferred Stock [Member] | |||
Redeemable convertible preferred stock: | |||
Redeemable convertible preferred stock | 55,700 | 55,700 | 55,700 |
Stockholders' deficit: | |||
Total stockholders' deficit | 55,700 | 55,700 | 55,700 |
Series B Preferred Stock [Member] | |||
Redeemable convertible preferred stock: | |||
Redeemable convertible preferred stock | 59,751 | 29,761 | 0 |
Stockholders' deficit: | |||
Total stockholders' deficit | 59,751 | 29,761 | 0 |
Series B 1Preferred Stock [Member] | |||
Redeemable convertible preferred stock: | |||
Redeemable convertible preferred stock | 51,083 | 51,083 | 0 |
Stockholders' deficit: | |||
Total stockholders' deficit | $ 51,083 | $ 51,083 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 166,000,000 | 166,000,000 | 80,800,000 |
Common Stock, Shares, Issued | 14,817,103 | 13,301,649 | 13,334,856 |
Common Stock, Shares, Outstanding | 14,817,103 | 13,301,649 | 13,334,856 |
Series A Preferred Stock [Member] | |||
Temporary Equity, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Temporary Equity, Shares Authorized | 55,700,000 | 55,700,000 | 55,700,000 |
Temporary Equity, Shares Issued | 55,700,000 | 55,700,000 | 55,700,000 |
Temporary Equity, Shares Outstanding | 55,700,000 | 55,700,000 | 55,700,000 |
Temporary Equity, Liquidation Preference | $ 55,700 | $ 55,700 | $ 55,700 |
Series B Preferred Stock [Member] | |||
Temporary Equity, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Temporary Equity, Shares Authorized | 45,372,050 | 45,372,050 | 0 |
Temporary Equity, Shares Issued | 45,372,050 | 22,686,025 | 0 |
Temporary Equity, Shares Outstanding | 45,372,050 | 22,686,025 | 0 |
Temporary Equity, Liquidation Preference | $ 60,000 | $ 30,000 | $ 0 |
Series B 1Preferred Stock [Member] | |||
Temporary Equity, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Temporary Equity, Shares Authorized | 27,152,255 | 27,152,255 | 0 |
Temporary Equity, Shares Issued | 27,152,255 | 27,152,255 | 0 |
Temporary Equity, Shares Outstanding | 27,152,255 | 27,152,255 | 0 |
Temporary Equity, Liquidation Preference | $ 51,182 | $ 51,182 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 18,153 | $ 5,064 | $ 24,539 | $ 9,775 | ||
Operating expenses: | ||||||
Research and development | 19,079 | 11,129 | 34,079 | 21,951 | $ 49,991 | $ 32,274 |
General and administrative | 3,630 | 2,378 | 7,097 | 4,331 | 9,865 | 7,537 |
Total operating expenses | 22,709 | 13,507 | 41,176 | 26,282 | 59,856 | 39,811 |
Loss from operations | (4,556) | (8,443) | (16,637) | (16,507) | (52,200) | (15,162) |
Other income: | ||||||
Interest income | 104 | 27 | 208 | 87 | 108 | 684 |
Other (expense) income, net | (62) | 24 | (117) | 114 | 120 | 383 |
Total other income, net | 42 | 51 | 91 | 201 | 228 | 1,067 |
Net loss before income taxes | (4,514) | (8,392) | (16,546) | (16,306) | ||
Benefit from (provision for) income taxes | 21 | 0 | (53) | 0 | 0 | 0 |
Net loss | $ (4,493) | $ (8,392) | $ (16,599) | $ (16,306) | $ (51,972) | $ (14,095) |
Net loss per common share – basic and diluted | $ (0.31) | $ (0.75) | $ (1.17) | $ (1.49) | $ (4.53) | $ (1.57) |
Weighted average number of common shares outstanding – basic and diluted | 14,485,746 | 11,193,065 | 14,214,543 | 10,913,053 | 11,461,011 | 8,985,710 |
Net loss | $ (4,493) | $ (8,392) | $ (16,599) | $ (16,306) | $ (51,972) | $ (14,095) |
Other comprehensive (loss) income: | ||||||
Unrealized (loss) gain on marketable securities | (30) | (14) | (15) | 1 | 7 | 17 |
Comprehensive loss | (4,523) | (8,406) | (16,614) | (16,305) | (51,965) | (14,078) |
Collaboration Revenue [Member] | ||||||
Total revenue | 7,153 | 4,720 | 13,539 | 9,106 | $ 7,656 | $ 24,649 |
License Revenue [Member] | ||||||
Total revenue | $ 11,000 | $ 344 | $ 11,000 | $ 669 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B 1Preferred Stock [Member] |
Balance at the beginning at Dec. 31, 2018 | $ (35,426) | $ 14 | $ 1,601 | $ (7) | $ (37,034) | $ 44,700 | $ 0 | $ 0 |
Balance at the beginning (in shares) at Dec. 31, 2018 | 14,522,360 | 44,700,000 | 0 | 0 | ||||
Issuance of redeemable convertible preferred stock | $ 11,000 | |||||||
Issuance of redeemable convertible preferred stock, (in shares) | 11,000,000 | |||||||
Repurchases of restricted common stock awards | $ (1) | 1 | ||||||
Repurchases of restricted common stock awards, (in shares) | (1,187,504) | |||||||
Vesting of restricted common stock awards | 15 | 15 | ||||||
Stock based compensation expense | 1,694 | 1,694 | ||||||
Other comprehensive income (loss) | 17 | 17 | ||||||
Net loss | (14,095) | (14,095) | ||||||
Balance at the ending at Dec. 31, 2019 | (47,795) | $ 13 | 3,311 | 10 | (51,129) | $ 55,700 | $ 0 | $ 0 |
Balance at the ending (in shares) at Dec. 31, 2019 | 13,334,856 | 55,700,000 | 0 | 0 | ||||
Repurchases of restricted common stock awards, (in shares) | (75,000) | |||||||
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 | (55,283) | $ 13 | 3,722 | 25 | (59,043) | $ 55,700 | $ 0 | |
Balance at the ending (in shares) at Mar. 31, 2020 | 13,259,856 | 55,700,000 | 0 | |||||
Balance at the beginning at Dec. 31, 2019 | (47,795) | $ 13 | 3,311 | 10 | (51,129) | $ 55,700 | $ 0 | $ 0 |
Balance at the beginning (in shares) at Dec. 31, 2019 | 13,334,856 | 55,700,000 | 0 | 0 | ||||
Net loss | (16,306) | |||||||
Balance at the ending at Jun. 30, 2020 | (63,270) | $ 13 | 4,141 | 11 | (67,435) | $ 55,700 | $ 29,761 | |
Balance at the ending (in shares) at Jun. 30, 2020 | 13,279,543 | 55,700,000 | 22,686,025 | |||||
Balance at the beginning at Dec. 31, 2019 | (47,795) | $ 13 | 3,311 | 10 | (51,129) | $ 55,700 | $ 0 | $ 0 |
Balance at the beginning (in shares) at Dec. 31, 2019 | 13,334,856 | 55,700,000 | 0 | 0 | ||||
Issuance of redeemable convertible preferred stock | $ 29,761 | $ 51,083 | ||||||
Issuance of redeemable convertible preferred stock, (in shares) | 22,686,025 | 27,152,255 | ||||||
Exercise of stock options | 40 | 40 | ||||||
Exercise of stock options, (in shares) | 81,870 | |||||||
Repurchases of restricted common stock awards, (in shares) | (115,077) | |||||||
Vesting of restricted common stock awards | 12 | 12 | ||||||
Stock based compensation expense | 1,764 | 1,764 | ||||||
Other comprehensive income (loss) | 7 | 7 | ||||||
Net loss | (51,972) | (51,972) | ||||||
Balance at the ending at Dec. 31, 2020 | (97,944) | $ 13 | 5,127 | 17 | (103,101) | $ 55,700 | $ 29,761 | $ 51,083 |
Balance at the ending (in shares) at Dec. 31, 2020 | 13,301,649 | 55,700,000 | 22,686,025 | 27,152,255 | ||||
Balance at the beginning at Mar. 31, 2020 | (55,283) | $ 13 | 3,722 | 25 | (59,043) | $ 55,700 | $ 0 | |
Balance at the beginning (in shares) at Mar. 31, 2020 | 13,259,856 | 55,700,000 | 0 | |||||
Issuance of redeemable convertible preferred stock | $ 29,761 | |||||||
Issuance of redeemable convertible preferred stock, (in shares) | 22,686,025 | |||||||
Exercise of stock options | 9 | 9 | ||||||
Exercise of stock options, (in shares) | 19,687 | |||||||
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 | (63,270) | $ 13 | 4,141 | 11 | (67,435) | $ 55,700 | $ 29,761 | |
Balance at the ending (in shares) at Jun. 30, 2020 | 13,279,543 | 55,700,000 | 22,686,025 | |||||
Balance at the beginning at Dec. 31, 2020 | (97,944) | $ 13 | 5,127 | 17 | (103,101) | $ 55,700 | $ 29,761 | $ 51,083 |
Balance at the beginning (in shares) at Dec. 31, 2020 | 13,301,649 | 55,700,000 | 22,686,025 | 27,152,255 | ||||
Issuance of redeemable convertible preferred stock | $ 29,990 | |||||||
Issuance of redeemable convertible preferred stock, (in shares) | 22,686,025 | |||||||
Exercise of stock options | 440 | $ 1 | 439 | |||||
Exercise of stock options, (in shares) | 895,093 | |||||||
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 | (108,643) | $ 14 | 6,518 | 32 | (115,207) | $ 55,700 | $ 59,751 | $ 51,083 |
Balance at the ending (in shares) at Mar. 31, 2021 | 14,196,742 | 55,700,000 | 45,372,050 | 27,152,255 | ||||
Balance at the beginning at Dec. 31, 2020 | (97,944) | $ 13 | 5,127 | 17 | (103,101) | $ 55,700 | $ 29,761 | $ 51,083 |
Balance at the beginning (in shares) at Dec. 31, 2020 | 13,301,649 | 55,700,000 | 22,686,025 | 27,152,255 | ||||
Net loss | (16,599) | |||||||
Balance at the ending at Jun. 30, 2021 | (111,643) | $ 15 | 8,040 | 2 | (119,700) | $ 55,700 | $ 59,751 | $ 51,083 |
Balance at the ending (in shares) at Jun. 30, 2021 | 14,817,103 | 55,700,000 | 45,372,050 | 27,152,255 | ||||
Balance at the beginning at Mar. 31, 2021 | (108,643) | $ 14 | 6,518 | 32 | (115,207) | $ 55,700 | $ 59,751 | $ 51,083 |
Balance at the beginning (in shares) at Mar. 31, 2021 | 14,196,742 | 55,700,000 | 45,372,050 | 27,152,255 | ||||
Exercise of stock options | 324 | $ 1 | 323 | |||||
Exercise of stock options, (in shares) | 620,361 | |||||||
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 | $ (111,643) | $ 15 | $ 8,040 | $ 2 | $ (119,700) | $ 55,700 | $ 59,751 | $ 51,083 |
Balance at the ending (in shares) at Jun. 30, 2021 | 14,817,103 | 55,700,000 | 45,372,050 | 27,152,255 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Series B Preferred Stock [Member] | |||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 0.1 | $ 0.2 | |
Series B 1Preferred Stock [Member] | |||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 0.2 | $ 0.1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||||
Net loss | $ (16,599) | $ (16,306) | $ (51,972) | $ (14,095) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 416 | 341 | 718 | 643 |
Noncash operating lease expense | 492 | 442 | 907 | 831 |
Stock-based compensation | 2,146 | 815 | 1,764 | 1,694 |
Other, net | 118 | (98) | (17) | (347) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (2,000) | 0 | ||
Prepaid expenses and other current assets | (395) | 361 | (119) | (590) |
Other long-term assets | 13 | 0 | ||
Accounts payable | 2,749 | 1,440 | 1,171 | (976) |
Accrued expenses and other liabilities | (78) | 34 | 1,196 | 2,964 |
Operating lease liabilities | (454) | (377) | (655) | (678) |
Deferred revenue | (9,539) | (9,775) | 119,081 | (14,249) |
Net cash used in operating activities | (21,131) | (23,123) | 70,074 | (24,803) |
Cash flows from investing activities | ||||
Purchase of property and equipment | (367) | (518) | (1,106) | (1,817) |
Sales and maturities of marketable securities | 100,471 | 16,327 | 63,220 | 35,246 |
Purchases of marketable securities | (86,117) | (32,316) | (207,540) | (32,581) |
Other | (40) | 0 | ||
Net cash provided by (used in) investing activities | 13,987 | (16,507) | (145,466) | 848 |
Cash flows from financing activities | ||||
Proceeds from issuance of preferred stock, net of issuance costs of $0.3 million and $0 during the periods ended December 31, 2020 and 2019, respectively | 29,990 | 29,850 | 80,844 | 11,000 |
Proceeds from issuance of common stock upon exercise of stock options | 764 | 9 | 40 | 0 |
Payment of merger with BCTG and PIPE financing transaction costs | (1,089) | 0 | ||
Net cash provided by financing activities | 29,665 | 29,859 | 80,884 | 11,000 |
Net change in cash, cash equivalents and restricted cash | 22,521 | (9,771) | 5,492 | (12,955) |
Cash, cash equivalents and restricted cash, beginning of period | 30,660 | 25,168 | 25,168 | 38,123 |
Cash, cash equivalents and restricted cash, end of period | 53,181 | 15,397 | 30,660 | 25,168 |
Supplemental cash flow information: | ||||
Cash paid for leases | 907 | 880 | 1,782 | 1,735 |
Supplemental disclosure of noncash investing and financing activity: | ||||
Purchases of property and equipment included in accounts payable and accrued expenses | 653 | 48 | $ 29 | $ 0 |
Merger with BCTG and PIPE financing deferred offering costs included in accounts payable and accrued expenses | $ 401 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | ||
Payments of Stock Issuance Costs | $ 0.3 | $ 0 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 (“Tango” or the “Company”) is a precision oncology company committed to the discovery and development of novel new drugs in defined patient populations with high unmet medical need. The Company is subject to risks common to early-stage companies in the biotechnology industry. Principal among these risks are the uncertainties of the development process, development of the same or similar technological innovations by competitors, protection of proprietary technology, dependence on key personnel, compliance with government regulations and approval requirements, and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then the Company may be unable to continue its operations at planned levels and be forced to reduce or terminate its operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future. Since inception, the Company has generated recurring net losses, including net losses of $4.5 million and $16.6 million for the three and six months ended June 30, 2021, respectively, and net losses of $8.4 million and $16.3 million for the three and six months ended June 30, 2020, respectively. The Company had an accumulated deficit of $119.7 million as of June 30, 2021. Since inception and through the issuance date of these unaudited condensed consolidated financial statements, the Company has raised an aggregate of approximately $166.9 million of gross proceeds from the sale of preferred shares, approximately $352.9 million in gross proceeds through the closing of the BCTG Business Combination and PIPE Investment transactions and another $202.1 million through our collaboration with Gilead. The Company expects operating losses and negative cash flows from operations to continue for the foreseeable future as it continues to develop, manufacture and commercialize its products. As of June 30, 2021, and with the additional gross proceeds of approximately $352.9 million received on August 10, 2021 from the consummation of the BCTG Business Combination and PIPE Investment transactions, the Company expected that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the unaudited condensed consolidated financial statements. The future viability of the Company beyond that point may be dependent on its ability to raise additional capital to finance its operations. The Company may seek additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of its planned research and development and commercialization activities. However, there is no assurance that the Company will be able to obtain additional funding under acceptable terms, if at all. If the Company is unable to obtain additional financing, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. Merger with BCTG Acquisition Corporation On April 13, 2021, the Company and BCTG Acquisition Corp. (“BCTG”) signed a definitive merger agreement memorializing the terms of BCTG’s acquisition of 100% of the Company’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 our 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”). Under the reverse recapitalization model, the Business Combination was treated as 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, the Company’s stockholders possess a majority of the voting power of the combined company, the Company comprises all of the ongoing operations of the combined entity, the Company comprises a majority of the governing body of the combined company, and the Company’s senior management comprises all of the senior management of the combined company. As a result of the Business Combination, BCTG was renamed Tango Therapeutics, Inc. Tango received gross proceeds of $166.8 million upon the closing of the Business Combination. Tango continues to operate under the current Tango management team. Subsequent to the closing of the Business Combination, an aggregate of 18.6 million 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 $27.3 million, resulting in total net proceeds of $325.6 million. Subject to the terms of the merger agreement, upon the closing of the Business Combination (the “Effective Time”), each share of the Company’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. At the Effective Time, each option to purchase the Company’s common stock became an option, respectively, to purchase shares of common stock of the surviving entity, subject to adjustment in accordance with the exchange ratio. Completion of the PIPE Financing and merger transaction were subject to approval of BCTG stockholders and the satisfaction or waiver of certain other customary closing conditions. Impact of COVID-19 At the end of 2019, a novel strain of a virus named SARS-CoV-2 COVID-19 COVID-19 COVID-19 The Company is monitoring the potential impact of the COVID-19 COVID-19 specific related event or circumstance that would require it to revise its estimates reflected in these condensed consolidated financial statements. The extent to which the COVID-19 COVID-19, Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP. The year-end e 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 six months ended June 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 six months ended June 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 effective proxy statement/prospectus, on file with the SEC on July 16, 2021. | 1. Nature of the Business and Basis of Presentation Tango Therapeutics, Inc (“Tango” or the “Company”) is a precision oncology company committed to the discovery and development of novel new drugs in defined patient populations with high unmet medical need. The Company is subject to risks common to early-stage companies in the biotechnology industry. Principal among these risks are the uncertainties of the development process, development of the same or similar technological innovations by competitors, protection of proprietary technology, dependence on key personnel, compliance with government regulations and approval requirements, and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical, clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then the Company may be unable to continue its operations at planned levels and be forced to reduce or terminate its operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future. Since inception, the Company has generated recurring net losses, including a net loss of $52.0 million and $14.1 million for the years ended December 31, 2020 and 2019, respectively. The Company had an accumulated deficit of $103.1 million and $51.1 million as of December 31, 2020 and 2019, respectively. Since inception and through the issuance date of these consolidated financial statements, the Company has raised an aggregate of approximately $166.9 million of gross proceeds from the sale of preferred shares. The Company expects operating losses and negative cash flows from operations to continue for the foreseeable future as it continues to develop, manufacture and commercialize its products. As of April 12, 2021, the issuance date of the consolidated financial statements for the year ended December 31, 2020, the Company expected that its cash, cash equivalents and marketable securities, and the $30.0 of additional proceeds from the closing of the second tranche of the Series B convertible preferred stock purchase agreement (see Note 14) received in March 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the annual consolidated financial statements. The future viability of the Company beyond that point may be dependent on its ability to raise additional capital to finance its operations. The Company may seek additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of its planned research and development and commercialization activities. However, there is no assurance that the Company will be able to obtain additional funding under acceptable terms, if at all. If the Company is unable to obtain additional financing, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. Merger with BCTG Acquisition Corporation (Unaudited) On April 13, 2021, the Company and BCTG Acquisition Corp. (“BCTG”) signed a definitive merger agreement, which will result in BCTG acquiring 100% of the Company’s issued and outstanding equity securities. The proposed merger will be accounted for as a “reverse recapitalization” in accordance with U.S. GAAP. Under the reverse recapitalization model, the Business Combination will be treated as Tango issuing equity for the net assets of BCTG, with no goodwill or intangible assets recorded. Under this method of accounting, BCTG will be treated as the “acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the merger, the Company’s stockholders are expected to have a majority of the voting power of the combined company, the Company will comprise all of the ongoing operations of the combined entity, the Company will comprise a majority of the governing body of the combined company, and the Company’s senior management will comprise all of the senior management of the combined company. As a result of the proposed merger, BCTG will be renamed Tango Therapeutics, Inc. The boards of directors of both BCTG and Tango have approved the proposed merger transaction. BCTG is expected to receive net proceeds of approximately $156.9 million upon the closing of the proposed merger transaction, assuming no redemptions are affected by stockholders of BCTG, and will operate under the current Tango management team upon the closing of the proposed merger. In connection with the proposed merger, BCTG has entered into agreements with existing and new investors to subscribe for and purchase an aggregate of 18.6 million shares of its common stock (the “PIPE Financing”) that will result in net proceeds of an additional $179.7 million upon the closing of the PIPE Financing. The closing of the proposed merger is a precondition to the PIPE Financing. Subject to the terms of the merger agreement, at the effective time of the merger (the “Effective Time”), each share of the Company’s redeemable convertible preferred stock “Preferred Stock” issued and outstanding immediately prior to the Effective Time shall be converted into a share of the Company’s common stock. At the Effective Time, each option to purchase the Company’s common stock shall become an option, respectively, to purchase shares of common stock of the surviving entity, subject to adjustment in accordance with the exchange ratio. Completion of the PIPE Financing and proposed merger transactions is subject to approval of BCTG stockholders and the satisfaction or waiver of certain other customary closing conditions. The approval from BCTG stockholders is expected in the third quarter of 2021. Impact of COVID-19 At the end of 2019, a novel strain of a virus named SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), or coronavirus, which causes COVID-19 has spread to most countries across the world, including all 50 states within the U.S., including Cambridge, Massachusetts, where the Company’s primary office and laboratory space is located. The coronavirus pandemic led to the implementation of various responses, including government-imposed quarantines, travel restrictions and other public health safety measures. The extent to which the coronavirus impacts the Company’s operations or those of its third-party partners, including preclinical studies or clinical trial operations, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that will emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. The continued spread of COVID-19 The Company is monitoring the potential impact of the COVID-19 pandemic on its business and financial statements. To date, COVID-19 has not had a material impact on operations, and the Company has not incurred significant delays related to its research and development programs. Additionally, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these consolidated financial statements. The extent to which the COVID-19 COVID-19, Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying consolidated financial statements reflect the operations of Tango and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, step-up year-to-date In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) — Contracts in Entity’s Own Equity (Subtopic 815 — 40) 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. | 2. Summary of Significant Accounting Policies 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 common shares and 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 related to COVID-19. 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. Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one operating segment, the business of discovering and developing precision oncology therapies. Cash Equivalents All highly liquid marketable securities purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents. Cash equivalents consisted of money market funds and U.S Treasury bills as of December 31, 2020 and 2019. Investments in Marketable Securities Marketable debt securities consist of investments with original maturities greater than 90 days. The Company classifies its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. The Company evaluates its investments with unrealized losses for impairment. When assessing investments for unrealized declines in value, the Company considers whether the decline in value is related to a credit loss or non-credit non-credit Prior to the early adoption of ASU 2016-13 , Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, Fair Value Measurements The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires certain disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 — Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates. • Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The fair value of the Company’s cash equivalents and marketable securities are determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. Concentration of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable debt securities. The Company’s cash, cash equivalent and marketable securities balances are held by major financial institutions that management believes to be creditworthy. The Company uses multiple financial institutions to limit the amount of credit exposure to any one financial institution. Substantially all the Company’s cash, cash equivalent and marketable debt securities were invested in money market funds, U.S. Treasury bills, and U.S. government agency bonds at December 31, 2020 and 2019. At times, the Company’s cash deposits may exceed the amount of federal insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies, and expects to continue to rely, on a small number of vendors to perform research activities that continue to progress its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the related processes of these vendors. Restricted Cash Cash accounts with any type of restriction are considered restricted cash and are classified on the balance sheet based on the length of the restrictive obligation. As of both December 31, 2020 and 2019, the Company recorded restricted cash of $2.3 million, all of which was related to security deposits associated with the Company’s facility leases in Boston, Massachusetts and Cambridge, Massachusetts, and is recorded as long term in its balance sheet because the deposit is required for the duration of the lease which is greater than a year. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows: December 31, 2020 2019 (in thousands) Cash and cash equivalents $ 28,381 $ 22,889 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 30,660 $ 25,168 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of each asset. Estimated useful lives are periodically assessed to determine if changes are appropriate. The estimated useful lives of the Company’s property and equipment are as follows: Asset Estimated useful life Computer equipment 3 years Computer software 5 years Office equipment 5 years Furniture and fixtures 7 years Laboratory equipment 7 years Leasehold improvements Shorter of remaining lease term or 10 years The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If indicators of impairment are present, the assets are tested for recoverability by comparing the carrying amount of the assets to the related estimated future undiscounted cash flows that the assets are expected to generate. If the expected cash flows are less than the carrying value of the asset group, then the asset group is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. To date, no such impairment losses have been recorded. Costs for assets not yet placed into service are capitalized as construction-in-progress Operating Leases The Company accounts for leases in accordance with ASC Topic 842, Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances and the existence of an identified asset(s), if any, and its control over the use of the identified asset(s), if applicable. Upon lease commencement, operating lease liabilities and their corresponding right-of-use Lease payments are discounted at the lease commencement date using the interest rate implicit in the lease contract. As this rate is typically not readily determinable, the Company determines an incremental borrowing rate that is used to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Certain prospective adjustments to the right-of-use The Company elected to account for lease and non-lease non-lease right-of-use operating lease liability and are reflected as an expense in the period incurred. The Company’s lease terms often include renewal options. The amounts determined for the Company’s right-of-use Revenue Recognition At contract inception, the Company assesses whether the collaboration arrangements are within the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the arrangement are within the scope of ASC 808 and which elements are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. To date, the Company has not entered into any arrangements within the scope of ASC 808. The Company’s revenues are generated through its license and collaboration agreements with Gilead. Refer to Note 3, “Collaboration Agreements.” Effective January 1, 2017, the Company early adopted ASC Topic 606, Revenue from Contracts with Customers In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under active agreements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the identified performance obligations on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. In certain instances, the timing of satisfying these obligations can be difficult to estimate. Accordingly, the Company’s estimates may change in the future and those changes could be material. Such changes to estimates would result in a change in amounts of revenue recognized. If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that the Company recognizes and records in future periods. Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the one year following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the one year following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets. Exclusive License Rights non-refundable, partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the license is the predominant promise, and it is determined that the license represents functional intellectual property (“IP”), revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional IP, revenue is recognized over time using an appropriate method of measuring progress. Research and Development Services revenue, which is generally an input measure such as costs incurred. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods of which revenue should be recognized, are subject to estimates by management and may change over the course of the contract. Reimbursements from the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development Customer Options catch-up Milestone Payments catch-up Royalties which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from licensing agreements. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research programs, including the cost of salaries, employee benefits, stock-based compensation expense, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors to conduct research and development activities and the allocable portions of facility costs, such as rent, utilities, and general support services. All costs incurred to fulfill the Company’s obligations under the collaboration with Gilead are classified as research and development expenses. All costs associated with research and development are expensed as incurred. Management estimates the Company’s accrued research and development expenses as of each balance sheet date in the Company’s financial statements based on facts and circumstances known to the Company at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures the cost of employee services received in exchange for stock-based awards based on the grant-date fair value of the awards. The Company calculates the fair value of restricted stock awards based on the grant date fair value of the underlying common stock. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the awards for service-based awards, which is generally the vesting period. The Company recognizes stock-based compensation for performance-based awards when the underlying performance conditions are considered probable of occurrence and recognizes the cumulative effect of current and prior period changes in the period of change. The Company also has the right and option to repurchase an individual’s shares of common stock or vested stock options to acquire common stock subsequent to employment termination. The fair value of common stock underlying stock-based awards is based on an estimate at each grant date. The valuation provided by the board of directors is derived from a recommendation by an unrelated third-party valuation firm. The Company determines the estimated per share fair value of its common stock at various dates considering contemporaneous and retrospective valuations that incorporate objective and subjective factors, including actual and forecasted financial results, market conditions and performance of comparable publicly traded companies, developments and milestones of the Company, the rights and preferences of common and redeemable convertible preferred stock, advice from the third-party valuation specialists, and transactions involving the Company’s stock. The estimated per share fair value of the Company’s common stock is determined in accordance with the guidance outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation Expected Term Expected Volatility Risk-free Interest Rate Dividend Rate The assumptions used in estimating the fair value of stock-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. Any consideration paid by employees on exercising stock options and the corresponding portion previously credited to additional paid-in Classification of Convertible Preferred shares The Company’s convertible preferred shares are classified outside of stockholders’ deficit because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, are not solely within the control of the Company. Further, the Company’s convertible preferred shares are redeemable at the option of the holder after March 2023. The Company records convertible preferred shares at fair value upon issuance, net of any issuance costs or discounts. Share Issuance Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process shares or in shareholders’ equity (deficit) as a reduction of additional paid-in in-process Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are exp e The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a more likely than not likelihood of being realized upon ultimate settlement with the tax authority. The recognition and measurement of tax benefits requires significant judgments that are subject to change as new information becomes available. Penalties and interest expense related to income taxes are included as components of income tax expense and interest expense, respectively, as necessary. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss for the years ended December 31, 2020 and 2019 was unrealized gains on investments in marketable securities. Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during each reporting period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share attributable to common stockholders includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s convertible preferred stock and unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would apply the two-class two-class The two-class two-class two-class Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Emerging Growth Company Status (Unaudited) The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an initial public offering or such earlier time that it is no longer an emerging growth company. However, the Company has not yet delayed the adoption of any new accounting standards. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 , Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments available-for-sale In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, step-up 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 In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) — Contracts in Entity’s Own Equity (Subtopic 815 — 40) 2020-06 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. From time to time, new account 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 In 2018, Gilead paid the Company a $50.0 million non-refundable co-develop co-promote ex-U.S. The Company assessed this arrangement in accordance with ASC 606 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. 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 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 125.0 • 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. • For up to five programs licensed by Gilead, the Company has the option to co-develop co-promote ex-U.S. 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 In December 2020, Gilead elected to extend a program for a research extension fee of $12.0 million. 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 In April 2021, Gilead licensed a program for a $11.0 million 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 $187.0 million at June 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, and the $12.0 million pursuant to the research extension fee in December 2020. During the three and six months ended June 30, 2021, the Company recognized $7.2 million and $13.5 million, respectively, and during the three and six months ended June 30, 2020, the Company recognized $4.7 million and $9.1 million, respectively, of revenue associated with the Gilead Agreements based on performance completed during each period. During the three and six months ended June 30, 2021, the Company recognized revenue of $11.0 million, associated with the payments received in the second quarter of 2021 pursuant to the April 2021 program license. During the three and six months ended June 30, 2020, the Company recognized revenue of $0.3 million and $0.7 million, respectively, associated with the payments rec e 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 June 30, 2021 and December 31, 2020, the Company had short-term deferred revenue of $24.5 million and $32.0 million, respectively, and long-term deferred revenue of $118.7 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 6.1 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 condensed consolidated balance sheet. As of June 30, 2021, $4.0 million of the total research extension fee amount of $12.0 million had been received, $2.0 million had been recorded as accounts receivable and the remaining $6.0 million was determined to be conditional upon the satisfaction of additional research obligations, and thus a contract asset. Costs incurred pursuant to the Gilead Agreements are recorded as research and development expense. | 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 a multi-year research plan. During the initial three In 2018, Gilead paid the Company a $50.0 million non-refundable co-develop co-promote ex-U.S. The Company assessed this arrangement in accordance with ASC 606 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 Company determined that the transaction price at the inception of the arrangement was equal to the total upfront payment received in the aggregate amount of $50.0 million. 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. In May 2019, Gilead licensed (the “Gilead License”) its first program under the 2018 Gilead Agreement and paid the Company a $7.5 million license fee. Gilead obtained a license to develop and commercialize therapies associated with the nominated program. At the inception of the 2018 Gilead Agreement, the Company determined that the licenses provided to Gilead through the 2018 Gilead Agreement did not include a material right as the license fees were not priced at a discount. At the time of the exercise of the license option by Gilead for the specified nominated program, the Company’s obligations for the nominated program were completed. As such, the Gilead license of the nominated program was determined to be distinct and accounted for as a separate contract. In July 2019 , the Company and Gilead also entered into a letter agreement (the “Gilead Letter Agreement”) whereby the Company would perform additional research services on behalf of Gilead associated with the first program licensed und e 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 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 • 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. • For up to five programs licensed by Gilead, the Company has the option to co-develop co-promote ex-U.S. The Company is eligible to receive up to $410.0 million per program in license, research extension, and clinical, regulatory, and commercial milestones. The Company is also eligible to receive up to low double-digit tiered royalties on net sales by Gilead, if any, on a country-by-country product-by-product each case, covering such product in such country or (b) ten years after the first commercial sale of such product in such country. For those programs the Company co-develops co-promotes 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 In December 2020, Gilead elected to extend a program for a research extension fee of $12.0 million. 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 price Gilead Revenue Recognized The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $187.0 million at December 31, 2020. 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, and the $12.0 million pursuant to the research extension fee in December 2020. During the years ended December 31, 2020 and 2019, the Company recognized $7.0 million and $15.2 million, respectively, of revenue associated with the Gilead Agreements based on performance completed during each period. During the years ended December 31, 2020 and 2019, the Company recognized revenue of $0.7 million and $9.4 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 December 31, 2020 and 2019, the Company had short-term deferred revenue of $32.0 million and $19.6 million, respectively, and long-term deferred revenue of $120.8 million and $14.1 million, respectively, related to the Gilead collaboration. Of the total short-term deferred revenue at December 31, 2019, $18.6 million related to the 2018 Gilead Agreement and the other $1.0 million related to the Gilead Letter Agreement. 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 consolidated balance sheet. As of December 31, 2020, $2.0 million of the total research extension fee amount of $12.0 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 $ 30,440 $ — $ — $ 30,440 U.S. Treasury bills — — — — Marketable debt securities: U.S. Treasury bills — 126,953 — 132,953 U.S. government agency bonds — 20,499 — 20,499 Total assets $ 30,440 $ 147,452 $ — 177,892 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 six months ended June 30, 2021. | 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 as of December 31, 2020 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 Fair Market Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 18,508 $ — $ — $ 18,508 Marketable debt securities: U.S. Treasury bills — 17,536 — 17,536 Total assets $ 18,508 $ 17,536 $ — $ 36,044 There were no transfers between f air v |
Marketable Securities
Marketable Securities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity 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 obs e The following table summarizes the Company’s marketable debt securities, classified as available-for-sale: Fair Value Measurements as of June 30, 2021 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 126,954 $ 5 $ (6 ) $ 126,953 U.S. government agency bonds 20,496 9 (6 ) 20,499 $ 147,450 $ 14 $ (12 ) $ 147,452 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 securities, and none were considered to be in an unrealized loss position as of June 30, 2021 and December 31, 2020. As a result, the Company did not record any reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $0.1 million in accrued interest at June 30, 2021 and December 31, 2020. | 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 m available-for-sale: Fair Value Measurements Amortized Gross Gross Fair Value (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 Fair Value Measurements Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 17,526 $ 10 $ — $ 17,536 $ 17,526 $ 10 $ — $ 17,536 The Company holds investment grade marketable securities, and none were considered to be in an unrealized loss |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 June 30, 2021 and December 31, 2020 consists of the following: June 30, December 31, (in thousands) Laboratory equipment $ 5,337 $ 4,580 Computer equipment 172 172 Computer software 125 125 Furniture and fixtures 459 384 Leasehold improvements 246 246 Construction in process 158 — 6,497 5,507 Less: Accumulated depreciation (2,100 ) (1,684 ) Property and equipment, net $ 4,397 $ 3,823 Depreciation expense was $0.2 million for each of the three months ended June 30, 2021 and 2020 and $0.4 million and $0.3 million for the six months ended June 30, 2021 and 2020, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of June 30, 2021 and December 31, 2020 include the following: June 30, December 31, (in thousands) Payroll and employee-related costs $ 2,046 $ 2,652 Research and development costs 3,691 2,695 Other 697 793 Total accrued expenses and other current liabilities $ 6,434 $ 6,140 Restricted Cash As of both June 30, 2021 and June 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 of 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: June 30, June 30, (in thousands) Cash and cash equivalents $ 50,902 $ 13,118 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 53,181 $ 15,397 | 6. Supplemental Balance Sheet Information Property and Equipment Property and equipment, net as of December 31, 2020 and 2019 consists of the following: December 31, 2020 2019 (in thousands) Laboratory equipment $ 4,580 $ 3,823 Computer equipment 172 172 Computer software 125 9 Furniture and fixtures 384 246 Leasehold improvements 246 230 5,507 4,480 Less: Accumulated depreciation (1,684 ) (1,038 ) Property and equipment, net $ 3,823 $ 3,442 Depreciation expense was $0.7 million and $0.6 million for the years ended December 31, 2020 and 2019, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of December 31, 2020 and 2019 include the following: December 31, 2020 2019 (in thousands) Payroll and employee-related costs $ 2,652 $ 1,830 Research and development costs 2,695 2,764 Other 793 338 Total accrued expenses and other current liabilities $ 6,140 $ 4,932 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases Operating Leases In July 2017, the Company entered into a lease of office and laboratory space at 100 Binney Street in Cambridge, Massachusetts for the Company’s corporate headquarters. The lease commenced in March 2018 and rent commenced in June 2018. This lease has a non-cancelable Upon commencement of the lease, the Company recorded an operating lease liability in the amount of $9.5 million and related operating lease right-of-use non-cancelable right-of-use In September 2019, the Company entered into a new lease for office and laboratory space at 201 Brookline Avenue in Boston, Massachusetts. As of December 31, 2020, the space was undergoing construction and the lease is expected to commence in 2022. The Company is not deemed to be the accounting owner of the construction project due to the nature of the work being performed and the Company’s lack of control over the project. In conjunction with executing the lease, the Company provided the landlord a letter of credit for $1.7 million. The letter of credit is collateralized with cash that is recorded as restricted cash in the accompanying balance sheet as of December 31, 2020. Upon delivery date notice of the lease, which is estimated to occur in the second half of 2021, the Company will be required to provide an additional letter of credit in the amount of $1.7 million. Upon commencement of the 201 Brookline Avenue lease, the Company will determine the appropriate classification of the lease, the amount of the associated lease liability and the amount of the right-of-use non-cancelable by annually from the rent commencement date. The Company is entitled to a tenant improvements allowance of up to $ million. The Company’s rent payments for the lease at 100 Binney Street are classified as operating lease costs in the chart below. The lease is a net lease and therefore the non-lease e non-lease right-of-use non-lease Year Ended December 31, Operating leases 2020 2019 Operating lease cost $ 1,889 $ 1,889 Short-term lease cost 93 36 Variable lease cost 643 541 Total operating lease costs $ 2,625 $ 2,466 Other information December 31, 2020 December 31, 2019 Operating cash flows used for operating leases $ 1,782 $ 1,735 Weighted average remaining lease term in years 5.5 6.5 Weighted average discount rate 12 % 12 % Future minimum lease payments under non-cancelable Year Ended December 31, Maturity of Lease 2021 $ 1,836 2022 1,891 2023 1,948 2024 2,007 2025 2,067 Thereafter 1,046 Total lease payments 10,795 Less: imputed interest (2,911 ) Total operating lease liabilities $ 7,884 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 7. Commitments and Contingencies Research Collaboration Agreement In September 2017, the Company entered into a Research Collaboration Agreement (the “HitGen Agreement”) with HitGen Ltd (“HitGen”). Under the terms of the HitGen Agreement, HitGen would use its DNA-encoded that bind to the targets. The Company would provide certain materials containing each target for purposes of the screen. The Company could have been obligated to make certain milestone payments. The Company and HitGen mutually agreed to terminate the HitGen Agreement in March 2021. No milestones were achieved or paid upon the termination of the agreement. 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 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 June 30, 2021, and no material legal proceedings are currently pending or threatened. | 8. Commitments and Contingencies Research Collaboration Agreement In September 2017, the Company ent e DNA-encoded certain compounds that bind to the targets. The Company would provide certain materials containing each target for purposes of the screen. The Company could have been obligated to make certain milestone payments. The Company and HitGen have mutually agreed to terminate the HitGen Agreement in March 2021. No milestones were achieved or owed upon the termination of the agreement and the Company is under no obligation to make any payments upon termination of the HitGen Agreement. License Agreement In March 2020, the Company entered into a License Agreement (the “Medivir Agreement”) with Medivir AB (“Medivir”), pursuant to which the Company obtained an exclusive license to all patents, know-how Under the terms of the Medivir Agreement, the Company is obligated to pay Medivir in connection with development, regulatory and commercial activities. The Company has agreed to make certain milestone payments of $1.4 million in the aggregate for the first licensed product that achieves specified clinical milestones, plus $25.0 million for the first licensed product that achieves specified regulatory approval and sales milestones, in each case, in either of the first two specified genetic contexts and $0.7 million in the aggregate if that first licensed product achieves specified clinical milestones, plus $5.0 million if that first licensed product achieves specified regulatory and sales milestones for a third genetic context or the second licensed product achieves such specified development, regulatory and sales milestones in either of the first two specified genetic contexts. The Company has the right to reduce these milestone payments by a specified amount in the event the licensed product is not covered by Medivir’s patents or if payments are due to a third party for a license under such third party’s intellectual property rights. The Company is also obligated to pay Medivir a low single-digit royalty on net sales of any product covered by a licensed patent. The Medivir Agreement expires on the date of expiration of all royalty obligations. Either party may terminate the Medivir Agreement earlier upon an uncured material breach of the other party. Upfront fees paid pursuant to the Medivir License Agreement were recorded to research and development expense. No milestones have been achieved to date. 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 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 December 31, 2020, and no material legal proceedings are currently pending or threatened. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Redeemable Convertible Preferred Stock | 8. Redeemable Convertible Preferred Stock In March 2017, the Company 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, the Company 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, the Company 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 was $26.0 million. In January 2019, the Company 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 was $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, the Company 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, the Company 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, the Company 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, the Company executed a stock purchase agreement to sell shares of redeemable convertible series B-1 B-1”). B-1 to 27,152,255 shares. All 27,152,255 shares of Series B-1 As of June 30, 2021 and December 31, 2020, redeemable convertible preferred stock consisted of the following (in thousands, except share amounts): June 30, 2021 Preferred Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 45,372,050 59,751 60,000 45,372,050 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 128,224,305 $ 166,534 $ 136,882 128,224,305 December 31, 2020 Preferred Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 22,686,025 29,761 30,000 22,686,025 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 105,538,280 $ 136,544 $ 136,882 105,538,280 The rights, preferences and privileges of the Company’s redeemable convertible preferred stock are as follows: Par Value Per Share The par value of all preferred stock is $0.001 per share. Future Tranche Right Feature The Company determined that the future tranche rights under the Series A and Series B preferred stock purchase agreements (the “future tranche rights”) did not meet the definition of freestanding financial instruments because, while separately exercisable, they were not legally detachable. The future tranche rights were evaluated for any beneficial conversion features or embedded derivatives, including the conversion option, that could require bifurcation and receive separate accounting treatment. The Company determined that the embedded future tranche obligations did not require bifurcation for accounting purposes as they did not meet the definition of a derivative. Voting Rights The holders of the convertible preferred stock are entitled to the number of votes equal to the number of shares of common stock into which each share of convertible preferred stock could be converted on the record date for the vote or consent of stockholders, except as otherwise required by law, and has voting rights and powers equal to the voting rights and powers of the holders of common stock voting as a single class. Liquidation In the event of any liquidation event, deemed liquidation event, dissolution or winding up of the Company, the holders of preferred stock then outstanding shall receive a distribution prior to any distribution to the common holders, an amount equal to the greater of a) original issue price per share plus any noncumulative dividends declared but unpaid, or b) the amount per share that would have been owed had all preferred shares been converted into Common Stock immediately prior to the liquidation event. In the event that assets are insufficient to pay the full amount, distribution will be on a pro rata basis. After payment of all preferential amounts required to be paid to the preferred stockholders, the remaining assets of the Company available for distribution to stockholders shall be distributed among the holders of common stock on a pro rata basis. A deemed liquidation event is defined as either a merger or consolidation, or the sale, lease, transfer, exclusive license, or other disposition, in a single transaction or series of related transactions, of all or substantially all of the assets of the Company, unless the holders of a majority in voting power of the outstanding Preferred Stock elect otherwise by written notice sent to the Company at least ten days prior to the effective date of any such event. Conversion Each share of convertible preferred stock is convertible at the option of the holder into a specified number of shares of common stock based on a conversion ratio subject to adjustment under specified terms and conditions. The initial conversion price and conversion value of Series A convertible preferred stock is $1.00 per share. The initial conversion price and conversion value of Series B convertible preferred stock is $1.32 per share. The initial conversion price and conversion value of Series B-1 In the event of a firm commitment underwritten public offering of the Company’s common stock with aggregate proceeds of at least $60.0 million and the Company’s common stock is listed on Nasdaq, all shares of convertible preferred stock will automatically be converted into shares of common stock at the then effective conversion rate. Redemption On or after March 31, 2023, upon the vote or written consent of the holders of the Series A, Series B, and Series B-1 The Company has a stock-based compensation plan under which stock options, restricted stock awards (“RSAs”), unrestricted stock awards, restricted stock units, or any combination of the forgoing may be granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Research and development $ 552 $ 230 $ 1,012 $ 449 General and administrative 644 177 1,134 366 Total $ 1,196 $ 407 $ 2,146 $ 815 Stock Option Activity The following table summarizes the stock option activity of the Company’s 2017 Plan for the six months ended June 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Granted 8,625,312 $ 1.56 Exercised (1,515,454 ) $ 0.50 Cancelled (158,924 ) $ 1.22 Options outstanding as of June 30, 2021 18,903,296 $ 1.06 8.90 $ 44,555,609 Options exercisable as of June 30, 2021 3,864,800 $ 0.58 7.87 $ 10,973,189 As of June 30, 2021, total unrecognized compensation expense related to stock options was $13.7 million, which the Company expects to recognize over a remaining weighted-average period of 3.1 years. Restricted Stock Awards During the six months ended June 30, 2021, 739,618 RSAs vested. Stock-based compensation expense attributable to RSAs during the six months ended June 30, 2021 totaled $0.3 million. | 9. Redeemable Convertible Preferred Stock In March 2017, the Company 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, the Company 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, the Company 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 was $26.0 million. In January 2019, the Company 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 was $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, the Company 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, the Company 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, the Company sold 22,686,026 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, the Company executed a stock purchase agreement to sell shares of redeemable convertible series B-1 B-1”). B-1 B-1 As of December 31, 2020 and 2019, redeemable convertible preferred stock consisted of the following (in thousands, except share amounts): December 31, 2020 Preferred Stock Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 22,686,025 29,761 30,000 22,686,025 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 105,538,280 $ 136,544 $ 136,882 105,538,280 December 31, 2019 Preferred Stock Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 The rights, preferences and privileges of the Company’s redeemable convertible preferred stock are as follows: Par Value Per Share The par value of all preferred stock is $0.001 per share. Future Tranche Right Feature The Company determined that the future tranche rights under the Series A and Series B preferred stock purchase agreements (the “future tranche rights”) did not meet the definition of freestanding financial instruments because, while separately exercisable, they were not legally detachable. The future tranche rights were evaluated for any beneficial conversion features or embedded derivatives, including the conversion option, that could require bifurcation and receive separate accounting treatment. The Company determined that the embedded future tranche obligations did not require bifurcation for accounting purposes as they did not meet the definition of a derivative. Voting Rights The holders of the convertible preferred stock are entitled to the number of votes equal to the number of shares of common stock into which each share of convertible preferred stock could be converted on the record date for the vote or consent of stockholders, except as otherwise required by law, and has voting rights and powers equal to the voting rights and powers of the holders of common stock voting as a single class. Liquidation In the event of any liquidation event, deemed liquidation event, dissolution or winding up of the Company, the holders of preferred stock then outstanding shall receive a distribution prior to any distribution to the common holders, an amount equal to the greater of a) original issue price per share plus any noncumulative dividends declared but unpaid, or b) the amount per share that would have been owed had all preferred shares been converted into Common Stock immediately prior to the liquidation event. In the event that assets are insufficient to pay the full amount, distribution will be on a pro rata basis. After payment of all preferential amounts required to be paid to the preferred stockholders, the remaining assets of the Company available for distribution to stockholders shall be distributed among the holders of common stock on a pro rata basis. A deemed liquidation event is defined as either a merger or consolidation, or the sale, lease, transfer, exclusive license, or other disposition, in a single transaction or series of related transactions, of all or substantially all of the assets of the Company, unless the holders of a majority in voting power of the outstanding Preferred Stock elect otherwise by written notice sent to the Company at least ten days prior to the effective date of any such event. Conversion Each share of convertible preferred stock is convertible at the option of the holder into a specified number of shares of common stock based on a conversion ratio subject to adjustment under specified terms and conditions. The initial conversion price and conversion value of Series A convertible preferred stock is $1.00 per share. The initial conversion price and conversion value of Series B convertible preferred stock is $1.32 per share. The initial conversion price and conversion value of Series B-1 In the event of a firm commitment underwritten public offering of the Company’s common stock with aggregate proceeds of at least $60.0 million and the Company’s common stock is listed on Nasdaq, all shares of convertible preferred stock will automatically be converted into shares of common stock at the then effective conversion rate. Redemption On or after March 31, 2023, upon the vote or written consent of the holders of the Series A, Series B, and Series B-1 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (4,493 ) $ (8,392 ) $ (16,599 ) $ (16,306 ) Net loss attributable to common stockholders – basic and diluted (4,493 ) (8,392 ) (16,599 ) (16,306 ) Denominator: Weighted-average common stock outstanding – basic and diluted 14,485,746 11,193,065 14,214,543 10,913,053 Net loss per share attributable to common stockholders – basic and diluted $ (0.31 ) $ (0.75 ) $ (1.17 ) $ (1.49 ) The Company’s potential dilutive securities, which include convertible preferred stock, 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 | 13. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Year Ended December 31, (in thousands, except per 2020 2019 Numerator: Net loss $ (51,972 ) $ (14,095 ) Net loss attributable to common stockholders – basic and diluted $ (51,972 ) $ (14,095 ) Denominator: Weighted-average common stock outstanding – basic and diluted 11,461,011 8,985,710 Net loss per share attributable to common stockholders – basic and diluted $ (4.53 ) $ (1.57 ) The Company’s potential dilutive securities, which include convertible preferred stock, 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: Year Ended December 31, 2020 2019 Convertible preferred stock (as converted to common stock) 105,538,281 55,700,000 Stock options to purchase common stock 11,951,362 6,902,873 Unvested restricted common stock 755,868 3,028,540 Total 118,245,511 65,631,413 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: June 30, 2021 2020 Convertible preferred stock (as converted to common stock) 128,224,305 78,386,025 Stock options to purchase common stock 18,903,296 11,475,430 Unvested restricted common stock 16,250 1,764,036 Total 147,143,851 91,625,491 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 10. Common Stock The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue shares of common stock with a par value of $0.001 per share. The holder of each share of common stock is entitled to one vote in respect of each share of stock held. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment of all preferential amounts required to be paid to the holders of shares of Convertible Preferred Stock, the remaining funds and assets available for distribution to the stockholders of the Company will be distributed among the holders of shares of common stock, pro rata based on the number of shares of common stock held by each such holder. The holders of Common Stock are also entitled to receive dividends whenever funds and assets are legally available and when declared by the Board of Directors, subject to the prior rights of holders of all classes of redeemable convertible preferred stock outstanding. No dividends have been declared as of December 31, 2020. The Company increased the number of shares of common stock authorized by 2,800,000 to 80,800,000 during 2019 and by 85,200,000 to 166,000,000 during 2020. As of December 31, 2020 and 2019, there were 13,301,649 and 13,334,856 shares of common stock issued and outstanding, respectively. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 11. Equity Incentive Plans Founder and Advisor Awards During 2017, the Company issued 4,690,000 shares of restricted common stock outside of the Company’s 2017 Stock Option and Grant Plan to nonemployee founders and advisors (the “Founders and Advisors”). The following table summarizes the Company’s Founders and Advisors restricted common stock activity as of and for the years ended December 31, 2020 and 2019: Number of Weighted Average Unvested restricted common stock outstanding as of December 31, 2018 2,221,875 $ 0.001 Vested (987,496 ) $ 0.001 Forfeited (109,379 ) $ 0.001 Unvested restricted common stock outstanding as of December 31, 2019 1,125,000 $ 0.001 Vested (950,000 ) $ 0.001 Forfeited — — The shares are issued under the terms of the respective restricted common stock agreements and are subject to repurchase by the Company at the original purchase price per share upon the termination of the grant e As of December 31, 2020, the unrecognized compensation cost related to shares of unvested founder and advisor restricted stock awards (“RSAs”) expected to vest was less than $0.1 million, which is expected to be recognized over an estimated weighted-average amortization period of 0.22 years. The aggregate fair value of awards that vested during both years ended December 31, 2020 and 2019 was $0.5 million. 2017 Stock Option and Grant Plan In March 2017, the Company’s stockholders approved the 2017 Stock Option and Grant Plan (the “Plan”), under which stock options, RSAs, unrestricted stock awards, restricted stock units, or any combination of the forgoing may be granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors (“Board of Directors”). Upon approval, the maximum number of common stock shares reserved and available for issuance under the Plan was 10,000,000 shares. The Company increased the number of shares available for grant under the plan by 6,700,000 million and 2,800,000 million during the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the maximum number of common stock shares reserved and available for issuance under the Plan was 30,600,000 shares. As of December 31, 2020, there were 11,783,597 shares available for future grant under the 2017 Plan. The terms of stock option award agreements and RSAs, including vesting requirements, are determined by the Board of Directors at the time of issuance. To date, options granted generally vest over a period of three four ten Restricted Stock Awards The following table summarizes the RSA activity of the Company’s Plan as of and for the years ended December 31, 2020 and 2019: Number of Weighted Average Unvested restricted common stock outstanding as of December 31, 2018 4,888,460 $ 0.35 Vested (1,744,301 ) $ 0.32 Forfeited (1,078,125 ) $ 0.42 Unvested restricted common stock outstanding as of December 31, 2019 2,066,034 $ 0.33 Vested (1,370,089 ) $ 0.33 Forfeited (115,077 ) $ 0.08 Unvested restricted common stock outstanding as of December 31, 2020 580,868 $ 0.38 RSAs represent an unsecured promise to grant at no cost a set number of shares of common stock upon vesting. RSA recipients are not entitled to cash dividends and have no voting rights during the vesting period. The RSAs are issued under the terms of the respective RSA agreements and are subject to repurchase upon the holder’s termination of their service relationship with the Company. The award restrictions are released as the awards vest. Upon vesting, the value is recorded as common stock and excess of par value as is recorded as additional paid in capital on the accompanying balance sheets. The common stock is subject to the Company’s right to repurchase at the original purchase price per share. As of December 31, 2020, the unrecognized compensation cost related to shares of unvested RSAs expected to vest was $0.2 million, which is expected to be recognized over an estimated weighted-average amortization period of 0.43 years. The aggregate fair value of RSAs that vested during the years ended December 31, 2020 and 2019 was $0.5 million and $0.6 million, respectively. Stock Options The following table summarizes the stock option activity of the Company’s 2017 Plan as of and for the years ended December 31, 2020 and 2019: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2019 6,902,873 $ 0.50 8.97 $ 420,140 Granted 5,716,368 $ 0.79 Exercised (81,870 ) $ 0.48 Cancelled (586,009 ) $ 0.51 Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Options exercisable as of December 31, 2020 3,611,387 $ 0.51 7.65 $ 2,466,634 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options th a The total intrinsic values of options exercised totaled less than $0.1 million for the year ended December 31, 2020. There were no options exercised for the year ended December 31, 2019. The weighted-average grant date fair value per share of stock options granted was $0.49 and $0.34 for years ending December 31, 2020 and 2019, respectively. Substantially all options outstanding as of December 31, 2020 are expected to vest. Stock Option Valuation The weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model were as follows: 2020 2019 Expected option life (in years) 5.0 – 5.0 – 6.1 Expected volatility 67% – 72% 70% – 75% Risk-free interest rate 0.4% – 1.4% 1.6% – 2.6% Expected dividend yield — % — % Stock-Based Compensation Expense The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations: Year Ended 2020 2019 (in thousands) Research and development $ 1,003 $ 817 General and administrative 761 877 Total $ 1,764 $ 1,694 As of December 31, 2020, there was approximately $3.3 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of approximately 2.84 years. |
Income Taxes
Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 11. Income Taxes The Company’s effective income tax rate was (0.3)% and 0.0% for the three months ended June 30, 2021 and 2020, respectively, and was (0.3)% and 0.0% for the six months ended June 30, 2021 and 2020, respectively. The benefit from income taxes was $21 thousand and $0 for the three months ended June 30, 2021 and 2020, respectively, and the provision for income taxes was $53 thousand and $0 for the six months ended June 30, 2021 and 2020, respectively. The change in the benefit from and provision for income taxes for the three and six months ended June 30, 2021, respectively, compared to the three and six months ended June 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 six months ended June 30, 2021 and 2020 differed from the federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets. | 12. Income Taxes During the years ended December 31, 2020 and 2019, the Company recorded no tax provision or benefit due to the losses incurred and the need for a full valuation allowance against its deferred tax assets. All of the Company’s operating losses since inception have been generated in the United States. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended 2020 2019 Income tax benefit at U.S. federal statutory rate 21.0 % 21.0 % State income taxes, net of federal benefit 5.9 5.4 Federal and state research and development tax credits 4.4 14.0 Nondeductible/nontaxable permanent items (0.7 ) (2.7 ) Other (1.7 ) 0.2 Change in valuation allowance (28.9 ) (37.9 ) Effective tax rate — % — % The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows: Year Ended 2020 2019 (in thousands) Deferred tax assets Net operating loss carryforwards $ 11,085 $ 3,958 Research and development credit carryforwards 5,213 3,076 Operating lease liability 2,154 2,373 Deferred revenue 11,891 8,948 Accruals and reserves 648 479 Capitalized research costs 2,506 — Other 88 52 Total gross deferred tax assets 33,585 18,886 Valuation allowance (30,945 ) (15,906 ) Net deferred tax assets 2,640 2,980 Deferred tax liabilities Depreciation (597 ) (689 ) Right-of-use (2,043 ) (2,291 ) Total gross deferred tax liabilities (2,640 ) (2,980 ) Net deferred taxes $ — $ — As of December 31, 2020, the Company had U.S. federal and state net operating loss (“NOL”) carryforwards of $41.0 million and $39.1 million, respectively, which may be available to offset future taxable income. The federal NOLs include $3.3 million which expire at various dates beginning in 2035 and $ million which carry forward indefinitely. The state NOLs expire at various dates beginning in 2035 . As of December , , the Company also had U.S. federal and state research and development tax credit carryforwards of $ million and $ million, respectively, which may be available to offset future tax liabilities and begin to expire in 2034 and 2030 , respectively. During the year ended December , , deferred tax assets, before valuation allowance, increased by approximately $ million mainly due to the operating loss incurred by the Company during that period. Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax li a pre-change ASC 740 requires a valuation allowance to reduce the deferred tax assets reported, if based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2020 and 2019. Management reevaluates the positive and negative evidence at each reporting period. The Company had a net increase in the valuation allowance of $15.0 million during 2020 related primarily to the increase in net operating loss carryforwards and research and development tax credit carryforwards, as follows: Year Ended 2020 2019 (in thousands) Valuation allowance as of beginning of year $ 15,906 $ 10,559 Increases recorded to income tax provision 15,039 5,347 Valuation allowance as of end of year $ 30,945 $ 15,906 The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted on March 27, 2020. Among the business provisions, the CARES Act provided for various payroll tax incentives, changes to net operating loss carryback and carryforward rules, business interest expense limitation increases, and bonus depreciation on qualified improvement property. Additionally, the Consolidated Appropriations Act of 2021 was signed on December 27, 2020 which provided additional COVID relief provisions for businesses. The Company has evaluated the impact of both Acts and has determined that any impact is not material to its financial statements. As of December 31, 2020 and 2019, the Company had not recorded any amounts for unrecognized tax benefits. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. As of December 31, 2020 and 2019, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts had been recognized in the Company’s consolidated statements of operations and comprehensive loss. The Company files income tax returns in the U.S. federal and Massachusetts jurisdictions, as prescribed by tax laws. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The statute of limitations for federal and state tax authorities is generally closed for years prior to December 31, 2017, although carryforward attributes that were generated prior to 2017 may still be subject to change upon examination if they are utilized to offset taxable income in subsequent tax years. There are currently no federal or state income tax audits in progress. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 12. Subsequent Events Merger with BCTG Acquisition Corporation On April 13, 2021, the Company and BCTG Acquisition Corp. (“BCTG”) signed a definitive merger agreement memorializing the terms of BCTG’s acquisition of 100% of the Company’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 our issued and outstanding equity securities on August 10, 2021. The Business Combination was accounted for as a “reverse recapitalization” in accordance with U.S. GAAP. Under the reverse recapitalization model, the Business Combination was treated as 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, the Company’s stockholders possess a majority of the voting power of the combined company, the Company comprises all of the ongoing operations of the combined entity, the Company comprises a majority of the governing body of the combined company, and the Company’s senior management comprises all of the senior management of the combined company. As a result of the Business Combination, BCTG was renamed Tango Therapeutics, Inc. Tango received gross proceeds of $166.8 million upon the closing of the Business Combination. Tango continues to operate under the current Tango management team. Subsequent to the closing of the Business Combination, an aggregate of 18.6 million 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 $27.3 million, resulting in total net proceeds of $325.6 million. Subject to the terms of the merger agreement, upon the closing of the Business Combination (the “Effective Time”), each share of the Company’s redeemable convertible preferred stock (the “Preferred Stock”) issued an d outstanding immediately prior to the Effective Time was converted into a share of the Company’s common stock. At the Effective Time, each option to purchase the Company’s common stock became an option, respectively, to purchase shares of common stock of the surviving entity, subject to adjustment in accordance with the exchange ratio. Completion of the PIPE Financing and merger transaction were subject to approval of BCTG stockholders and the satisfaction or waiver of certain other customary closing conditions. In connection with the preparation of the consolidated financial statements, the Company evaluated the events subsequent to the balance sheet date of June 30, 2021 through August 13, 2021, the date the unaudited condensed consolidated financial statements were available for issuance, and determined that all material transactions have been recorded and disclosed. | 14. Subsequent Events Grants of Stock Options under 2017 Plan In January 2021, the Company granted options for the purchase of 6,805,312 common shares, at an exercise price of $1.19 per share, to officers, employees, and consultants of the Company. The aggregate grant-date fair value of these option grants was $8.8 million, which is expected to be recognized as share-based compensation expense over a weighted-average period of 3.8 years. In March 2021, the Company granted options for the purchase of 1,010,000 common shares, at an exercise price of $2.57 per share, to directors, employees, and consultants of the Company. The aggregate grant-date fair value of these option grants was $1.7 million, which is expected to be recognized as share-based compensation expense over a weighted-average period of 3.8 years. Issuance of Redeemable Convertible Series B Preferred Stock Tranche In March 2021, the Company sold 22,686,026 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. Each of the tranches under the Series B stock purchase agreement maintain the same rights and features. Gross 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. Waiver of Preferred Stock Redemption Rights In April 2021, the holders of the Series A, Series B and Series B-1 Gilead Collaboration In April 2021, Gilead licensed its second target under the Amended Gilead Agreement and is required to pay the Company a $11.0 million license fee. In connection with the preparation of the consolidated financial statements, the Company evaluated the events subsequent to the balance sheet date of December 31, 2020 through April 12, 2021, the date the consolidated financial statements were available for issuance, and determined that all material transactions have been recorded and disclosed. Events Subsequent to Original Issuance of Consolidated Financial Statements (unaudited) The Company evaluated subsequent events through April 19, 2021, the date of the initial filing of this proxy statement/prospectus. Merger with BCTG Acquisition Corporation On April 13, 2021, the Company and BCTG Acquisition Corp. (“BCTG”) signed a definitive merger agreement, which will result in BCTG acquiring 100% of the Company’s issued and outstanding equity securities. The proposed merger will be accounted for as a “reverse recapitalization” in accordance with U.S. GAAP. Under the reverse recapitalization model, the Business Combination will be treated as Tango issuing equity for the net assets of BCTG, with no goodwill or intangible assets recorded. Under this method of accounting, BCTG will be treated as the “acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the merger, the Company’s stockholders are expected to have a majority of the voting power of the combined company, the Company will comprise all of the ongoing operations of the combined entity, the Company will comprise a majority of the governing body of the combined company, and the Company’s senior management will comprise all of the senior management of the combined company. As a result of the proposed merger, BCTG will be renamed Tango Therapeutics, Inc. The boards of directors of both BCTG and Tango have approved the proposed merger transaction. BCTG is expected to receive net proceeds of approximately $156.9 million upon the closing of the proposed merger transaction, assuming no redemptions are affected by stockholders of BCTG, and will operate under the current Tango management team upon the closing of the proposed merger. In connection with the proposed merger, BCTG has entered into agreements with existing and new investors to subscribe for and purchase an aggregate of million shares of its common stock (the “PIPE Financing”) that will result in net proceeds of an additional $ million upon the closing of the PIPE Financing. The closing of the proposed merger is a precondition to the PIPE Financing. Subject to the terms of the merger agreement, at the effective time of the merger (the “Effective Time”), each share of the Company’s redeemable convertible preferred stock “Preferred Stock” issued and outstanding immediately prior to the Effective Time shall be converted into a share of the Company’s common stock. At the Effective Time, each option to purchase the Company’s common stock shall become an option, respectively, to purchase shares of common stock of the surviving entity, subject to adjustment in accordance with the exchange ratio. Completion of the PIPE Financing and proposed merger transactions is subject to approval of BCTG stockholders and the satisfaction or waiver of certain other customary closing conditions. The approval from BCTG stockholders is expected in mid-2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 common shares and 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 related to COVID-19. 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. | |
Segment Information | Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one operating segment, the business of discovering and developing precision oncology therapies. | |
Cash Equivalents | Cash Equivalents All highly liquid marketable securities purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents. Cash equivalents consisted of money market funds and U.S Treasury bills as of December 31, 2020 and 2019. | |
Investments in Marketable Securities | Investments in Marketable Securities Marketable debt securities consist of investments with original maturities greater than 90 days. The Company classifies its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. The Company evaluates its investments with unrealized losses for impairment. When assessing investments for unrealized declines in value, the Company considers whether the decline in value is related to a credit loss or non-credit non-credit Prior to the early adoption of ASU 2016-13 , Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, | |
Fair Value Measurements | Fair Value Measurements The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires certain disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 — Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates. • Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The fair value of the Company’s cash equivalents and marketable securities are determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. | |
Concentration of Credit Risk and Significant Suppliers | Concentration of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable debt securities. The Company’s cash, cash equivalent and marketable securities balances are held by major financial institutions that management believes to be creditworthy. The Company uses multiple financial institutions to limit the amount of credit exposure to any one financial institution. Substantially all the Company’s cash, cash equivalent and marketable debt securities were invested in money market funds, U.S. Treasury bills, and U.S. government agency bonds at December 31, 2020 and 2019. At times, the Company’s cash deposits may exceed the amount of federal insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships. The Company relies, and expects to continue to rely, on a small number of vendors to perform research activities that continue to progress its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the related processes of these vendors. | |
Restricted Cash | Restricted Cash Cash accounts with any type of restriction are considered restricted cash and are classified on the balance sheet based on the length of the restrictive obligation. As of both December 31, 2020 and 2019, the Company recorded restricted cash of $2.3 million, all of which was related to security deposits associated with the Company’s facility leases in Boston, Massachusetts and Cambridge, Massachusetts, and is recorded as long term in its balance sheet because the deposit is required for the duration of the lease which is greater than a year. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows: December 31, 2020 2019 (in thousands) Cash and cash equivalents $ 28,381 $ 22,889 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 30,660 $ 25,168 | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of each asset. Asset Estimated useful life Computer equipment 3 years Computer software 5 years Office equipment 5 years Furniture and fixtures 7 years Laboratory equipment 7 years Leasehold improvements Shorter of remaining lease term or 10 years The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If indicators of impairment are present, the assets are tested for recoverability by comparing the carrying amount of the assets to the related estimated future undiscounted cash flows that the assets are expected to generate. If the expected cash flows are less than the carrying value of the asset group, then the asset group is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. To date, no such impairment losses have been recorded. Costs for assets not yet placed into service are capitalized as construction-in-progress | |
Operating Leases | Operating Leases The Company accounts for leases in accordance with ASC Topic 842, Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances and the existence of an identified asset(s), if any, and its control over the use of the identified asset(s), if applicable. Upon lease commencement, operating lease liabilities and their corresponding right-of-use Lease payments are discounted at the lease commencement date using the interest rate implicit in the lease contract. As this rate is typically not readily determinable, the Company determines an incremental borrowing rate that is used to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Certain prospective adjustments to the right-of-use The Company elected to account for lease and non-lease non-lease right-of-use operating lease liability and are reflected as an expense in the period incurred. The Company’s lease terms often include renewal options. The amounts determined for the Company’s right-of-use | |
Revenue Recognition | Revenue Recognition At contract inception, the Company assesses whether the collaboration arrangements are within the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the arrangement are within the scope of ASC 808 and which elements are within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. To date, the Company has not entered into any arrangements within the scope of ASC 808. The Company’s revenues are generated through its license and collaboration agreements with Gilead. Refer to Note 3, “Collaboration Agreements.” Effective January 1, 2017, the Company early adopted ASC Topic 606, Revenue from Contracts with Customers In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under active agreements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the identified performance obligations on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. In certain instances, the timing of satisfying these obligations can be difficult to estimate. Accordingly, the Company’s estimates may change in the future and those changes could be material. Such changes to estimates would result in a change in amounts of revenue recognized. If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that the Company recognizes and records in future periods. Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the one year following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the one year following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets. Exclusive License Rights non-refundable, partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the license is the predominant promise, and it is determined that the license represents functional intellectual property (“IP”), revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional IP, revenue is recognized over time using an appropriate method of measuring progress. Research and Development Services revenue, which is generally an input measure such as costs incurred. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods of which revenue should be recognized, are subject to estimates by management and may change over the course of the contract. Reimbursements from the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development Customer Options catch-up Milestone Payments catch-up Royalties which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from licensing agreements. | |
Research and Development Expenses | Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research programs, including the cost of salaries, employee benefits, stock-based compensation expense, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors to conduct research and development activities and the allocable portions of facility costs, such as rent, utilities, and general support services. All costs incurred to fulfill the Company’s obligations under the collaboration with Gilead are classified as research and development expenses. All costs associated with research and development are expensed as incurred. Management estimates the Company’s accrued research and development expenses as of each balance sheet date in the Company’s financial statements based on facts and circumstances known to the Company at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed. | |
Patent Costs | Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. | |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of employee services received in exchange for stock-based awards based on the grant-date fair value of the awards. The Company calculates the fair value of restricted stock awards based on the grant date fair value of the underlying common stock. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the awards for service-based awards, which is generally the vesting period. The Company recognizes stock-based compensation for performance-based awards when the underlying performance conditions are considered probable of occurrence and recognizes the cumulative effect of current and prior period changes in the period of change. The Company also has the right and option to repurchase an individual’s shares of common stock or vested stock options to acquire common stock subsequent to employment termination. The fair value of common stock underlying stock-based awards is based on an estimate at each grant date. The valuation provided by the board of directors is derived from a recommendation by an unrelated third-party valuation firm. The Company determines the estimated per share fair value of its common stock at various dates considering contemporaneous and retrospective valuations that incorporate objective and subjective factors, including actual and forecasted financial results, market conditions and performance of comparable publicly traded companies, developments and milestones of the Company, the rights and preferences of common and redeemable convertible preferred stock, advice from the third-party valuation specialists, and transactions involving the Company’s stock. The estimated per share fair value of the Company’s common stock is determined in accordance with the guidance outlined in the American Institute of Certified Public Accountants Valuation of Privately-Held Company Equity Securities Issued as Compensation Expected Term Expected Volatility Risk-free Interest Rate Dividend Rate paid-in | |
Classification of Convertible Preferred Shares | Classification of Convertible Preferred shares The Company’s convertible preferred shares are classified outside of stockholders’ deficit because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, are not solely within the control of the Company. Further, the Company’s convertible preferred shares are redeemable at the option of the holder after March 2023. The Company records convertible preferred shares at fair value upon issuance, net of any issuance costs or discounts. | |
Share Issuance Costs | Share Issuance Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process paid-in in-process | |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are exp e The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a more likely than not likelihood of being realized upon ultimate settlement with the tax authority. The recognition and measurement of tax benefits requires significant judgments that are subject to change as new information becomes available. Penalties and interest expense related to income taxes are included as components of income tax expense and interest expense, respectively, as necessary. | |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss for the years ended December 31, 2020 and 2019 was unrealized gains on investments in marketable securities. | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during each reporting period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share attributable to common stockholders includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net two-class two-class two-class two-class two-class | |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |
Subsequent Events | Subsequent Events The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. | |
Emerging Growth Company Status (Unaudited) | Emerging Growth Company Status (Unaudited) The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an initial public offering or such earlier time that it is no longer an emerging growth company. However, the Company has not yet delayed the adoption of any new accounting standards. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, step-up year-to-date In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) — Contracts in Entity’s Own Equity (Subtopic 815 — 40) 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 Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 , Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments available-for-sale 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
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. | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, step-up 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 In August 2020, the FASB issued ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) — Contracts in Entity’s Own Equity (Subtopic 815 — 40) 2020-06 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. From time to time, new account 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of reconciliation of cash and cash equivalents and restricted cash | The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows: December 31, 2020 2019 (in thousands) Cash and cash equivalents $ 28,381 $ 22,889 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 30,660 $ 25,168 |
Summary of estimated useful lives of the Company's property and equipment | Estimated useful lives are periodically assessed to determine if changes are appropriate. The estimated useful lives of the Company’s property and equipment are as follows Asset Estimated useful life Computer equipment 3 years Computer software 5 years Office equipment 5 years Furniture and fixtures 7 years Laboratory equipment 7 years Leasehold improvements Shorter of remaining lease term or 10 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Summary 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 $ 30,440 $ — $ — $ 30,440 U.S. Treasury bills — — — — Marketable debt securities: U.S. Treasury bills — 126,953 — 132,953 U.S. government agency bonds — 20,499 — 20,499 Total assets $ 30,440 $ 147,452 $ — 177,892 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 | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis: Fair Market Value Measurements as of December 31, 2020 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 Fair Market Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents: Money market funds $ 18,508 $ — $ — $ 18,508 Marketable debt securities: U.S. Treasury bills — 17,536 — 17,536 Total assets $ 18,508 $ 17,536 $ — $ 36,044 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 June 30, 2021 Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 126,954 $ 5 $ (6 ) $ 126,953 U.S. government agency bonds 20,496 9 (6 ) 20,499 $ 147,450 $ 14 $ (12 ) $ 147,452 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 | Fair Value Measurements Amortized Gross Gross Fair Value (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 Fair Value Measurements Amortized Gross Gross Fair (in thousands) Marketable debt securities: U.S. Treasury bills $ 17,526 $ 10 $ — $ 17,536 $ 17,526 $ 10 $ — $ 17,536 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information- (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of property, plant and equipment | Property and equipment, net as of June 30, 2021 and December 31, 2020 consists of the following: June 30, December 31, (in thousands) Laboratory equipment $ 5,337 $ 4,580 Computer equipment 172 172 Computer software 125 125 Furniture and fixtures 459 384 Leasehold improvements 246 246 Construction in process 158 — 6,497 5,507 Less: Accumulated depreciation (2,100 ) (1,684 ) Property and equipment, net $ 4,397 $ 3,823 | Property and equipment, net as of December 31, 2020 and 2019 consists of the following: December 31, 2020 2019 (in thousands) Laboratory equipment $ 4,580 $ 3,823 Computer equipment 172 172 Computer software 125 9 Furniture and fixtures 384 246 Leasehold improvements 246 230 5,507 4,480 Less: Accumulated depreciation (1,684 ) (1,038 ) Property and equipment, net $ 3,823 $ 3,442 |
Schedule of accrued expenses and other current liabilities current | Accrued expenses and other current liabilities as of June 30, 2021 and December 31, 2020 include the following: June 30, December 31, (in thousands) Payroll and employee-related costs $ 2,046 $ 2,652 Research and development costs 3,691 2,695 Other 697 793 Total accrued expenses and other current liabilities $ 6,434 $ 6,140 | Accrued expenses and other current liabilities as of December 31, 2020 and 2019 include the following: December 31, 2020 2019 (in thousands) Payroll and employee-related costs $ 2,652 $ 1,830 Research and development costs 2,695 2,764 Other 793 338 Total accrued expenses and other current liabilities $ 6,140 $ 4,932 |
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: June 30, June 30, (in thousands) Cash and cash equivalents $ 50,902 $ 13,118 Restricted cash 2,279 2,279 Cash, cash equivalents and restricted cash $ 53,181 $ 15,397 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of lease cost | As of December 31, 2020 and 2019, assets under the operating lease totaled $7.5 million and $8.4 million, respectively. The elements of lease cost were as follows: Year Ended December 31, Operating leases 2020 2019 Operating lease cost $ 1,889 $ 1,889 Short-term lease cost 93 36 Variable lease cost 643 541 Total operating lease costs $ 2,625 $ 2,466 Other information December 31, 2020 December 31, 2019 Operating cash flows used for operating leases $ 1,782 $ 1,735 Weighted average remaining lease term in years 5.5 6.5 Weighted average discount rate 12 % 12 % |
Summary of lessee, operating lease, liability, maturity | Future minimum lease payments under non-cancelable Year Ended December 31, Maturity of Lease 2021 $ 1,836 2022 1,891 2023 1,948 2024 2,007 2025 2,067 Thereafter 1,046 Total lease payments 10,795 Less: imputed interest (2,911 ) Total operating lease liabilities $ 7,884 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Table) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | ||
Summary of redeemable convertible preferred stock | As of June 30, 2021 and December 31, 2020, redeemable convertible preferred stock consisted of the following (in thousands, except share amounts): June 30, 2021 Preferred Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 45,372,050 59,751 60,000 45,372,050 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 128,224,305 $ 166,534 $ 136,882 128,224,305 December 31, 2020 Preferred Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 22,686,025 29,761 30,000 22,686,025 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 105,538,280 $ 136,544 $ 136,882 105,538,280 | December 31, 2020 Preferred Stock Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 Series B 45,372,050 22,686,025 29,761 30,000 22,686,025 Series B-1 27,152,255 27,152,255 51,083 51,182 27,152,255 128,224,305 105,538,280 $ 136,544 $ 136,882 105,538,280 December 31, 2019 Preferred Stock Preferred Carrying Liquidation Common Series A 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 55,700,000 55,700,000 $ 55,700 $ 55,700 55,700,000 |
Summary of the Company recorded 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Research and development $ 552 $ 230 $ 1,012 $ 449 General and administrative 644 177 1,134 366 Total $ 1,196 $ 407 $ 2,146 $ 815 | Year Ended 2020 2019 (in thousands) Research and development $ 1,003 $ 817 General and administrative 761 877 Total $ 1,764 $ 1,694 |
Summary of the stock option activity of the Company's Plan | The following table summarizes the stock option activity of the Company’s 2017 Plan for the six months ended June 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Granted 8,625,312 $ 1.56 Exercised (1,515,454 ) $ 0.50 Cancelled (158,924 ) $ 1.22 Options outstanding as of June 30, 2021 18,903,296 $ 1.06 8.90 $ 44,555,609 Options exercisable as of June 30, 2021 3,864,800 $ 0.58 7.87 $ 10,973,189 | The following table summarizes the stock option activity of the Company’s 2017 Plan as of and for the years ended December 31, 2020 and 2019: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2019 6,902,873 $ 0.50 8.97 $ 420,140 Granted 5,716,368 $ 0.79 Exercised (81,870 ) $ 0.48 Cancelled (586,009 ) $ 0.51 Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Options exercisable as of December 31, 2020 3,611,387 $ 0.51 7.65 $ 2,466,634 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Summary of the stock option activity of the Company's Plan | The following table summarizes the stock option activity of the Company’s 2017 Plan for the six months ended June 30, 2021: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Granted 8,625,312 $ 1.56 Exercised (1,515,454 ) $ 0.50 Cancelled (158,924 ) $ 1.22 Options outstanding as of June 30, 2021 18,903,296 $ 1.06 8.90 $ 44,555,609 Options exercisable as of June 30, 2021 3,864,800 $ 0.58 7.87 $ 10,973,189 | The following table summarizes the stock option activity of the Company’s 2017 Plan as of and for the years ended December 31, 2020 and 2019: Number of Weighted Weighted Aggregate (in years) Options outstanding as of December 31, 2019 6,902,873 $ 0.50 8.97 $ 420,140 Granted 5,716,368 $ 0.79 Exercised (81,870 ) $ 0.48 Cancelled (586,009 ) $ 0.51 Options outstanding as of December 31, 2020 11,952,362 $ 0.64 8.58 $ 6,625,511 Options exercisable as of December 31, 2020 3,611,387 $ 0.51 7.65 $ 2,466,634 |
Summary of the weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model | The weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model were as follows: 2020 2019 Expected option life (in years) 5.0 – 5.0 – 6.1 Expected volatility 67% – 72% 70% – 75% Risk-free interest rate 0.4% – 1.4% 1.6% – 2.6% Expected dividend yield — % — % | |
Summary of the Company recorded 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) Research and development $ 552 $ 230 $ 1,012 $ 449 General and administrative 644 177 1,134 366 Total $ 1,196 $ 407 $ 2,146 $ 815 | Year Ended 2020 2019 (in thousands) Research and development $ 1,003 $ 817 General and administrative 761 877 Total $ 1,764 $ 1,694 |
Founder and Advisors Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Disclosure of Share Based Compensation Arrangements by Share Based Payment Award | The following table summarizes the Company’s Founders and Advisors restricted common stock activity as of and for the years ended December 31, 2020 and 2019: Number of Weighted Average Unvested restricted common stock outstanding as of December 31, 2018 2,221,875 $ 0.001 Vested (987,496 ) $ 0.001 Forfeited (109,379 ) $ 0.001 Unvested restricted common stock outstanding as of December 31, 2019 1,125,000 $ 0.001 Vested (950,000 ) $ 0.001 Forfeited — — | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Disclosure of Share Based Compensation Arrangements by Share Based Payment Award | The following table summarizes the RSA activity of the Company’s Plan as of and for the years ended December 31, 2020 and 2019: Number of Weighted Average Unvested restricted common stock outstanding as of December 31, 2018 4,888,460 $ 0.35 Vested (1,744,301 ) $ 0.32 Forfeited (1,078,125 ) $ 0.42 Unvested restricted common stock outstanding as of December 31, 2019 2,066,034 $ 0.33 Vested (1,370,089 ) $ 0.33 Forfeited (115,077 ) $ 0.08 Unvested restricted common stock outstanding as of December 31, 2020 580,868 $ 0.38 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended 2020 2019 Income tax benefit at U.S. federal statutory rate 21.0 % 21.0 % State income taxes, net of federal benefit 5.9 5.4 Federal and state research and development tax credits 4.4 14.0 Nondeductible/nontaxable permanent items (0.7 ) (2.7 ) Other (1.7 ) 0.2 Change in valuation allowance (28.9 ) (37.9 ) Effective tax rate — % — % |
Summary of deferred tax assets and liabilities | Year Ended 2020 2019 (in thousands) Deferred tax assets Net operating loss carryforwards $ 11,085 $ 3,958 Research and development credit carryforwards 5,213 3,076 Operating lease liability 2,154 2,373 Deferred revenue 11,891 8,948 Accruals and reserves 648 479 Capitalized research costs 2,506 — Other 88 52 Total gross deferred tax assets 33,585 18,886 Valuation allowance (30,945 ) (15,906 ) Net deferred tax assets 2,640 2,980 Deferred tax liabilities Depreciation (597 ) (689 ) Right-of-use (2,043 ) (2,291 ) Total gross deferred tax liabilities (2,640 ) (2,980 ) Net deferred taxes $ — $ — |
Summary of net increase in the valuation allowance | The Company had a net increase in the valuation allowance of $15.0 million during 2020 related primarily to the increase in net operating loss carryforwards and research and development tax credit carryforwards, as follows: Year Ended 2020 2019 (in thousands) Valuation allowance as of beginning of year $ 15,906 $ 10,559 Increases recorded to income tax provision 15,039 5,347 Valuation allowance as of end of year $ 30,945 $ 15,906 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 10. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (4,493 ) $ (8,392 ) $ (16,599 ) $ (16,306 ) Net loss attributable to common stockholders – basic and diluted (4,493 ) (8,392 ) (16,599 ) (16,306 ) Denominator: Weighted-average common stock outstanding – basic and diluted 14,485,746 11,193,065 14,214,543 10,913,053 Net loss per share attributable to common stockholders – basic and diluted $ (0.31 ) $ (0.75 ) $ (1.17 ) $ (1.49 ) | Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Year Ended December 31, (in thousands, except per 2020 2019 Numerator: Net loss $ (51,972 ) $ (14,095 ) Net loss attributable to common stockholders – basic and diluted $ (51,972 ) $ (14,095 ) Denominator: Weighted-average common stock outstanding – basic and diluted 11,461,011 8,985,710 Net loss per share attributable to common stockholders – basic and diluted $ (4.53 ) $ (1.57 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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: June 30, 2021 2020 Convertible preferred stock (as converted to common stock) 128,224,305 78,386,025 Stock options to purchase common stock 18,903,296 11,475,430 Unvested restricted common stock 16,250 1,764,036 Total 147,143,851 91,625,491 | 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: Year Ended December 31, 2020 2019 Convertible preferred stock (as converted to common stock) 105,538,281 55,700,000 Stock options to purchase common stock 11,951,362 6,902,873 Unvested restricted common stock 755,868 3,028,540 Total 118,245,511 65,631,413 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) shares in Millions | Apr. 13, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 10, 2021 |
Net loss | $ (4,493,000) | $ (12,106,000) | $ (8,392,000) | $ (7,914,000) | $ (16,599,000) | $ (16,306,000) | $ (51,972,000) | $ (14,095,000) | ||
Accumulated deficit | (119,700,000) | (119,700,000) | (103,101,000) | $ (51,129,000) | ||||||
Gross proceeds from the sale of preferred shares | 166,900,000 | 166,900,000 | ||||||||
BCTG Acquisition Corp [Member] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||||
Consideration Received on Transaction | $ 166,800,000 | $ 156,900,000 | ||||||||
Stock Issued During Period, Shares | 18.6 | 18.6 | ||||||||
Stock Issued During Period, Value | $ 186,100,000 | $ 179,700,000 | ||||||||
Payments to Acquire Businesses, Gross | 352,900,000 | |||||||||
Business Combination, Consideration Transferred, Equity Interests | $ 550,000,000 | |||||||||
Business Acquisition, Transaction Costs | $ 27,300,000 | $ 27,300,000 | 27,300,000 | |||||||
Business Combination, Consideration Transferred | 325,600,000 | |||||||||
Gilead [Member] | ||||||||||
Payments to Acquire Businesses, Gross | $ 202,100,000 | |||||||||
Series B Preferred Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||
Gross proceeds from the sale of preferred shares | $ 30 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash And Cash Equivalents And Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 50,902 | $ 28,381 | $ 22,889 |
Restricted cash | $ 2,279 | 2,279 | 2,279 |
Cash, cash equivalents and restricted cash | $ 30,660 | $ 25,168 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of The Company's Property And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Computer equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 3 years |
Computer software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 5 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Laboratory equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of remaining lease term or 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted cash | $ 2,279,000 | $ 2,279,000 | $ 2,279,000 | ||
Deferred offering costs | 0 | 0 | |||
Gross proceeds from the sale of preferred shares | $ 29,990,000 | $ 29,850,000 | $ 80,844,000 | $ 11,000,000 | |
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 | $ 28,400,000 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020USD ($)Number | May 31, 2019USD ($) | Oct. 31, 2018Number | Jun. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Number | Jul. 31, 2019USD ($) | |
Collaboration Agreements [Line Items] | ||||||||||||||
Deferred revenue, Current | $ 31,977 | $ 24,500 | $ 24,500 | $ 31,977 | $ 19,594 | |||||||||
Deferred revenue, Non current | 120,805 | 118,742 | 118,742 | 120,805 | 14,106 | |||||||||
Proceeds from fees received | 4,000 | 2,000 | ||||||||||||
Accounts receivable current, Research extension fee | 12,000 | 2,000 | 2,000 | 12,000 | ||||||||||
Contract asset, Research extension fee | 10,000 | 6,000 | $ 6,000 | 10,000 | ||||||||||
Revenue remaining performance obligations expected remaining contractual term | 6 years 1 month 6 days | |||||||||||||
Receivable research extension fee | 12,000 | $ 12,000 | ||||||||||||
Two Thousand And Eighteen Gilead Agreement [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Research Term | 3 years | |||||||||||||
Number of Licensed Product | Number | 5 | 2 | ||||||||||||
Non-refundable upfront payment received | 50,000 | 50,000 | 50,000 | 50,000 | $ 50,000 | |||||||||
Milestone payments receivable | 1,700,000 | |||||||||||||
Transaction price allocated to performance obligation | $ 50,000 | |||||||||||||
Performance obligation, Satisfaction description | 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. | |||||||||||||
Proceeds from license fee received | $ 7,500 | |||||||||||||
Deferred revenue, Current | 18,600 | |||||||||||||
Gilead Letter Agreement [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Contract with customer liability | $ 2,600 | |||||||||||||
Contract with customer liability, Revenue recognized | $ 300 | $ 700 | 700 | 9,400 | ||||||||||
Deferred revenue, Current | 1,000 | |||||||||||||
Gilead Agreement [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Transaction price allocated to performance obligation | 187,000 | 187,000 | 187,000 | 187,000 | ||||||||||
Contract with customer liability | 125,000 | 125,000 | 125,000 | 125,000 | ||||||||||
Research Extension Fee | 12,000 | 12,000 | ||||||||||||
Contract with customer liability, Revenue recognized | 7,200 | $ 4,700 | 13,500 | $ 9,100 | 7,000 | 15,200 | ||||||||
Deferred revenue, Current | 32,000 | 24,500 | 24,500 | 32,000 | 19,600 | |||||||||
Deferred revenue, Non current | $ 120,800 | 118,700 | 118,700 | $ 120,800 | $ 14,100 | |||||||||
Amended Gilead Agreement [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Research Term | 7 years | |||||||||||||
Number of Licensed Product | Number | 15 | |||||||||||||
Milestone payments receivable | $ 410,000 | |||||||||||||
Temporary equity, Par value | $ 125,000 | |||||||||||||
Equity method investment, Ownership percentage | 10.00% | 10.00% | ||||||||||||
Number of years determining royalties receivable | 10 years | |||||||||||||
Revenue recognized, Cumulative catch-up adjustment | $ 11,300 | |||||||||||||
Assessment of variable consideration constraint, Description | the Company determined that the variable consideration of $12.0 million 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. | |||||||||||||
Research Extension Fee | $ 12,000 | $ 12,000 | ||||||||||||
Licensed a program,Fee amount | $ 11,000 | |||||||||||||
License fee amount received,recognised as revenue | $ 11,000 | |||||||||||||
Amended Gilead Agreement [Member] | Series B One Preferred Stock [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Temporary equity, Par value | $ 20,000 | |||||||||||||
Gilead Agreement Based Performance [Member] | ||||||||||||||
Collaboration Agreements [Line Items] | ||||||||||||||
Contract with customer liability, Revenue recognized | $ 11,000 | $ 11,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Financial Assets Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash equivalents | |||
Money market funds | $ 30,440 | $ 12,698 | $ 18,508 |
U.S. Treasury bills | 7,175 | ||
Marketable debt securities | |||
Total assets | 177,892 | 181,812 | 36,044 |
Marketable Debt Securities [Member] | US Treasury Securities [Member] | |||
Marketable debt securities | |||
Investments, Fair Value Disclosure | 132,953 | 131,939 | 17,536 |
Marketable Debt Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Marketable debt securities | |||
Investments, Fair Value Disclosure | 20,499 | 30,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash equivalents | |||
Money market funds | 30,440 | 12,698 | 18,508 |
Marketable debt securities | |||
Total assets | 30,440 | 12,698 | 18,508 |
Fair Value, Inputs, Level 2 [Member] | |||
Cash equivalents | |||
U.S. Treasury bills | 7,175 | ||
Marketable debt securities | |||
Total assets | 147,452 | 169,114 | 17,536 |
Fair Value, Inputs, Level 2 [Member] | Marketable Debt Securities [Member] | US Treasury Securities [Member] | |||
Marketable debt securities | |||
Investments, Fair Value Disclosure | 126,953 | 131,939 | $ 17,536 |
Fair Value, Inputs, Level 2 [Member] | Marketable Debt Securities [Member] | US Government Agencies Debt Securities [Member] | |||
Marketable debt securities | |||
Investments, Fair Value Disclosure | $ 20,499 | $ 30,000 |
Marketable Securities - Summary
Marketable Securities - Summary of Debt Securities, Available For Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 147,450 | $ 161,922 | $ 17,526 |
Gross Unrealized Gains | 14 | 17 | 10 |
Gross Unrealized Loss | (12) | ||
Fair Value | 147,452 | 161,939 | 17,536 |
U.S. Treasury bills [Member] | Marketable Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 126,954 | 131,927 | 17,526 |
Gross Unrealized Gains | 5 | 12 | 10 |
Gross Unrealized Loss | (6) | ||
Fair Value | 126,953 | 131,939 | $ 17,536 |
U.S. government agency bonds [Member] | Marketable Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 20,496 | 29,995 | |
Gross Unrealized Gains | 9 | 5 | |
Gross Unrealized Loss | (6) | ||
Fair Value | $ 20,499 | $ 30,000 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - Marketable Debt Securities [Member] $ in Millions | Jun. 30, 2021USD ($)Number | Dec. 31, 2020USD ($)Number | Dec. 31, 2019USD ($)Number |
Debt Securities, Available-for-sale [Line Items] | |||
Number of debt securities considered to be in an unrealized loss position | Number | 0 | 0 | 0 |
Marketable securities, Accrued interest | $ | $ 0.1 | $ 0.1 | $ 0.1 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||
Depreciation | $ 200 | $ 200 | $ 416 | $ 341 | $ 718 | $ 643 |
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 (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 6,497 | $ 5,507 | $ 4,480 |
Less: Accumulated depreciation | (2,100) | (1,684) | (1,038) |
Property and equipment, net | 4,397 | 3,823 | 3,442 |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 5,337 | 4,580 | 3,823 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 172 | 172 | 172 |
Computer Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 125 | 125 | 9 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 459 | 384 | 246 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 246 | 246 | $ 230 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 158 | $ 0 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | |||
Payroll and employee-related costs | $ 2,046 | $ 2,652 | $ 1,830 |
Research and development costs | 3,691 | 2,695 | 2,764 |
Other | 697 | 793 | 338 |
Total accrued expenses and other current liabilities | $ 6,434 | $ 6,140 | $ 4,932 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||||
Cash, cash equivalents and restricted cash | $ 53,181 | $ 30,660 | $ 15,397 | $ 25,168 | $ 38,123 |
Construction in Progress [Member] | |||||
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 50,902 | 13,118 | |||
Restricted cash | 2,279 | 2,279 | |||
Cash, cash equivalents and restricted cash | $ 53,181 | $ 15,397 |
Leases - Summary of Lease Cost
Leases - Summary of Lease Cost (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating leases | ||
Operating lease cost | $ 1,889 | $ 1,889 |
Short-term lease, cost | 93 | 36 |
Variable lease, cost | 643 | 541 |
Total operating lease costs | 2,625 | 2,466 |
Other information | ||
Operating cash flows used for operating leases | $ 1,782 | $ 1,735 |
Weighted average remaining lease term in years | 5 years 6 months | 6 years 6 months |
Weighted average discount rate | 12.00% | 12.00% |
Leases - Summary of Lessee, Ope
Leases - Summary of Lessee, Operating Lease, Liability, Maturity (Detail) - USD ($) | Dec. 31, 2020 | Jul. 31, 2017 |
Lessee Disclosure [Abstract] | ||
2021 | $ 1,836 | |
2022 | 1,891 | |
2023 | 1,948 | |
2024 | 2,007 | |
2025 | 2,067 | |
Thereafter | 1,046 | |
Total lease payments | 10,795 | |
Less: imputed interest | (2,911) | |
Total operating lease liabilities | $ 7,884 | $ 9,500,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 1 Months Ended | ||||
Sep. 30, 2019 | Jul. 31, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease, Term of contract | 8 years | ||||
Operating lease, Option to extend | one additional three-year period | ||||
Operating lease liability | $ 9,500,000 | $ 7,884 | |||
Operating lease right-of-use asset | 9,800,000 | $ 6,988,000 | 7,480,000 | $ 8,387,000 | |
Tenant improvements | 300,000 | ||||
Operating lease obligation due | $ 0 | $ 0 | |||
Accrued rent | $ 1,700,000 | ||||
Percentage of annual increase of fixed annual rent payable | 3.00% | ||||
Operating lease, Future minimum rent payments due | $ 15,600,000 | ||||
Proceeds from line of credit | $ 600,000 | ||||
The Two Hundred And One Brookline Avenue Lease [Member] | |||||
Operating lease, Term of contract | 10 years | ||||
Operating lease, Option to extend | two five-year periods | ||||
Accrued rent | $ 5,100,000 | ||||
Percentage of annual increase of fixed annual rent payable | 3.00% | ||||
Proceeds from line of credit | $ 1,700,000 | ||||
Payment for tenant improvements | $ 12,700,000 | ||||
The Two Hundred And One Brookline Avenue Lease [Member] | Subsequent Event [Member] | Letter of Credit [Member] | |||||
Additional letter of credit | $ 1,700,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 30, 2021USD ($)Number | Dec. 31, 2020USD ($)Number |
Number of pending claims | Number | 0 | 0 |
HitGen Agreement [Member] | ||
Contractual obligation | $ 0 | $ 0 |
Medivir Agreement [Member] | ||
Upfront payment | 400,000 | |
Milestone payments | 1,400,000 | |
Specified Regulatory Approval And Sales Milestones [Member] | Medivir Agreement [Member] | ||
Contractual obligation | 25,000,000 | |
Specified Clinical Milestones [Member] | Medivir Agreement [Member] | ||
Milestone payments | 700,000 | |
Specified Regulatory And Sales Milestones For Genetic Context [Member] | Medivir Agreement [Member] | ||
Contractual obligation | $ 5,000,000 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2017 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||||||||||
Share based payment arrangement, Unrecognized compensation cost | $ 3.3 | $ 3.3 | |||||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 2 years 10 months 2 days | ||||||||||
Share-based Payment Arrangement, Option [Member] | Two Thousand And Seventeen Plan [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share based payment arrangement, Unrecognized compensation cost | $ 13.7 | ||||||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 3 years 1 month 6 days | ||||||||||
Share based payment arrangement, Shares reserved for future issuance | 739,618 | ||||||||||
Share based payment arrangement,Options, Fair value of options vested during period | $ 0.3 | $ 0.9 | $ 0.3 | ||||||||
Subsequent Event [Member] | Share-based Payment Arrangement, Option [Member] | Two Thousand And Seventeen Plan [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 3 years 9 months 18 days | 3 years 9 months 18 days | |||||||||
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 | 55,700,000 | 55,700,000 | 55,700,000 | |||||||
Redeemable convertible preferred stock issued during period shares new issues | 18,700,000 | 11,000,000 | 26,000,000 | ||||||||
Redeemable convertible preferred stock issue price per share | $ 1 | $ 1 | $ 1 | ||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 14 | $ 11 | $ 26 | ||||||||
Repayments of convertible notes and accrued interest | $ 4.7 | ||||||||||
Redeemable convertible preferred stock issue price per share | $ 1 | ||||||||||
Aggregate redeemable convertible preferred stock Issuance Costs | $ 0.1 | ||||||||||
Redeemable convertible preferred stock conversion price | $ 1 | $ 1 | $ 1 | ||||||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 45,372,050 | 45,372,051 | 45,372,050 | 45,372,050 | |||||||
Redeemable convertible preferred stock issued during period shares new issues | 22,686,026 | 22,686,025 | |||||||||
Redeemable convertible preferred stock issue price per share | $ 1.32 | $ 1,320,000 | |||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 29.8 | ||||||||||
Redeemable convertible preferred stock issue price per share | $ 1.32 | ||||||||||
Redeemable convertible preferred stock Issuance Costs | $ 0.1 | $ 0.2 | |||||||||
Redeemable convertible preferred stock conversion price | $ 1.32 | $ 1.32 | $ 1.32 | ||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | 30 | $ 30 | |||||||||
Redeemable convertible preferred stock Issuance Costs | $ 0.1 | ||||||||||
Series B One Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 27,152,255 | 27,152,255 | 27,152,255 | ||||||||
Redeemable convertible preferred stock issued during period shares new issues | 27,152,255 | ||||||||||
Redeemable convertible preferred stock issue price per share | $ 1.89 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 51.1 | ||||||||||
Redeemable convertible preferred stock issue price per share | $ 1.89 | ||||||||||
Redeemable convertible preferred stock Issuance Costs | $ 0.1 | ||||||||||
Redeemable convertible preferred stock conversion price | $ 1.89 | $ 1.89 | $ 1.89 | ||||||||
Redeemable Convertible Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock shares authorized | 128,224,305 | 128,224,305 | 128,224,305 | 55,700,000 | |||||||
Redeemable convertible preferred stock conversion trigger aggregate proceeds from public offering | $ 60 | $ 60 | $ 60 | ||||||||
Period In which Redeemable convertible preferred stock to be redeemed | 60 days | 60 days | |||||||||
Redeemable convertible preferred stock Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred stock (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2020 | |
Series A Redeemable Convertible Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock Authorized | 55,700,000 | 55,700,000 | 55,700,000 | |
Preferred Stock Issued and Outstanding | 55,700,000 | 55,700,000 | 55,700,000 | |
Carrying Value | $ 55,700 | $ 55,700 | $ 55,700 | |
Liquidation Value | $ 55,700 | $ 55,700 | $ 55,700 | |
Common Stock Issuable Upon Conversion | 55,700,000 | 55,700,000 | 55,700,000 | |
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock Authorized | 45,372,050 | 45,372,050 | 45,372,051 | |
Preferred Stock Issued and Outstanding | 45,372,050 | 22,686,025 | ||
Carrying Value | $ 59,751 | $ 29,761 | ||
Liquidation Value | $ 60,000 | $ 30,000 | ||
Common Stock Issuable Upon Conversion | 45,372,050 | 22,686,025 | ||
Series B One Redeemable Convertible Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock Authorized | 27,152,255 | 27,152,255 | ||
Preferred Stock Issued and Outstanding | 27,152,255 | 27,152,255 | ||
Carrying Value | $ 51,083 | $ 51,083 | ||
Liquidation Value | $ 51,182 | $ 51,182 | ||
Common Stock Issuable Upon Conversion | 27,152,255 | 27,152,255 | ||
Redeemable Convertible Preferred Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Preferred Stock Authorized | 128,224,305 | 128,224,305 | 55,700,000 | |
Preferred Stock Issued and Outstanding | 128,224,305 | 105,538,280 | 55,700,000 | |
Carrying Value | $ 166,534 | $ 136,544 | $ 55,700 | |
Liquidation Value | $ 136,882 | $ 136,882 | $ 55,700 | |
Common Stock Issuable Upon Conversion | 128,224,305 | 105,538,280 | 55,700,000 |
Common Stock - Additional Infor
Common Stock - Additional Informational (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2019 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Voting Rights | one vote | ||
Dividends, Common Stock | $ 0 | ||
Common Stock, Shares Authorized | 166,000,000 | 166,000,000 | 80,800,000 |
Common Stock, Shares, Issued | 13,301,649 | 14,817,103 | 13,334,856 |
Common Stock, Shares, Outstanding | 13,301,649 | 14,817,103 | 13,334,856 |
Previously Reported [Member] | |||
Common Stock, Shares Authorized | 85,200,000 | 2,800,000 |
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 | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||||||
Net loss | $ (4,493) | $ (12,106) | $ (8,392) | $ (7,914) | $ (16,599) | $ (16,306) | $ (51,972) | $ (14,095) |
Net loss attributable to common stockholders – basic and diluted | $ (4,493) | $ (8,392) | $ (16,599) | $ (16,306) | $ (51,972) | $ (14,095) | ||
Denominator: | ||||||||
Weighted-average common stock outstanding – basic and diluted | 14,485,746 | 11,193,065 | 11,193,065 | 14,214,543 | 10,913,053 | 11,461,011 | 8,985,710 | |
Net loss per share attributable to common stockholders – basic and diluted | $ (0.31) | $ (0.75) | $ (0.75) | $ (1.17) | $ (1.49) | $ (4.53) | $ (1.57) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details) - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 147,143,851 | 91,625,491 | 118,245,511 | 65,631,413 |
Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 128,224,305 | 78,386,025 | 105,538,281 | 55,700,000 |
Stock options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,903,296 | 11,475,430 | 11,951,362 | 6,902,873 |
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 | 16,250 | 1,764,036 | 755,868 | 3,028,540 |
Income Taxes - Summary Of Recon
Income Taxes - Summary Of Reconciliation Of The U.S. Federal Statutory Income Tax Rate To The Company's Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||
Income tax benefit at U.S. federal statutory rate | 21.00% | 21.00% | ||||
State income taxes, net of federal benefit | 5.90% | 5.40% | ||||
Federal and state research and development tax credits | 4.40% | 14.00% | ||||
Nondeductible/nontaxable permanent items | (0.70%) | (2.70%) | ||||
Other | (1.70%) | 0.20% | ||||
Change in valuation allowance | (28.90%) | (37.90%) | ||||
Effective tax rate | (0.30%) | 0.00% | (0.30%) | 0.00% | 0.00% | 0.00% |
Income Taxes - Summary Of Defer
Income Taxes - Summary Of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | |||
Net operating loss carryforwards | $ 11,085 | $ 3,958 | |
Research and development credit carryforwards | 5,213 | 3,076 | |
Operating lease liability | 2,154 | 2,373 | |
Deferred revenue | 11,891 | 8,948 | |
Accruals and reserves | 648 | 479 | |
Capitalized research costs | 2,506 | 0 | |
Other | 88 | 52 | |
Total gross deferred tax assets | 33,585 | 18,886 | |
Valuation allowance | (30,945) | (15,906) | $ (10,559) |
Net deferred tax assets | 2,640 | 2,980 | |
Deferred tax liabilities | |||
Depreciation | (597) | (689) | |
Right-of-use asset | (2,043) | (2,291) | |
Total gross deferred tax liabilities | (2,640) | (2,980) | |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes - Summary Of Net I
Income Taxes - Summary Of Net Increase In The Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Abstract] | ||
Valuation allowance as of beginning of year | $ 15,906 | $ 10,559 |
Increases recorded to income tax provision | 15,039 | 5,347 |
Valuation allowance as of end of year | $ 30,945 | $ 15,906 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax provision or benefit | $ (21) | $ 0 | $ 53 | $ 0 | $ 0 | $ 0 |
Percentage of increase in ownership percentage over a three year period | 50.00% | |||||
Increase in valuation allowance | $ 15,039 | 5,347 | ||||
Unrecognized Tax Benefits | 0 | 0 | ||||
Unrecognized tax benefits, Accrued interest or penalties | 0 | 0 | ||||
Unrecognized tax benefits, Income tax penalties and interest expenses | $ 0 | $ 0 | ||||
Effective income tax rate | (0.30%) | 0.00% | (0.30%) | 0.00% | 0.00% | 0.00% |
Income tax expense benefit | $ (21) | $ 0 | $ 53 | $ 0 | $ 0 | $ 0 |
Deferred Tax Assets Operating Loss Carryforwards And Research And Development Tax Credit Carryforwards [Member] | ||||||
Increase in valuation allowance | 15,000 | |||||
Domestic Tax Authority [Member] | ||||||
Operating loss carryforwards | $ 41,000 | |||||
Operating loss carryforwards expiration date | Dec. 31, 2035 | |||||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||||||
Tax credit carryforwards | $ 3,400 | |||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2034 | |||||
Domestic Tax Authority [Member] | Expires In Beginning In Two Thousand And Thirty Five [Member] | ||||||
Operating loss carryforwards | $ 3,300 | |||||
Domestic Tax Authority [Member] | CarryForward Indefinitely [Member] | ||||||
Operating loss carryforwards | 40,500 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating loss carryforwards | $ 39,100 | |||||
Operating loss carryforwards expiration date | Dec. 31, 2035 | |||||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||||
Tax credit carryforwards | $ 2,200 | |||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Mar. 31, 2017 | |
Share based payment arrangement, Unrecognized compensation cost | $ 3.3 | |||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 2 years 10 months 2 days | |||||||
Two Thousand And Seventeen Stock Option And Grant Plan [Member] | ||||||||
Share based payment arrangement, Shares reserved for future issuance | 30,600,000 | 10,000,000 | ||||||
Share based payment arrangement, Number of shares available for grant | 6,700,000 | 2,800,000 | ||||||
Two Thousand And Seventeen Plan [Member] | ||||||||
Share based payment arrangement, Number of shares available for grant | 11,783,597 | |||||||
Share based payment arrangement, Award vesting percentage | 25.00% | |||||||
Percentage of shareholder to whom award is granted | 10.00% | |||||||
Percentage of estimated fair value of shares | 100.00% | |||||||
Adjustment percentage of estimated fair value of shares | 110.00% | |||||||
Two Thousand And Seventeen Plan [Member] | Minimum [Member] | ||||||||
Share based payment arrangement, Award vesting period | 3 years | |||||||
Two Thousand And Seventeen Plan [Member] | Maximum [Member] | ||||||||
Share based payment arrangement, Award vesting period | 4 years | |||||||
Common Stock [Member] | ||||||||
Share based payment arrangement,Options exercised | 620,361 | 895,093 | 19,687 | 81,870 | ||||
Share-based Payment Arrangement, Option [Member] | Two Thousand And Seventeen Plan [Member] | ||||||||
Share based payment arrangement, Unrecognized compensation cost | $ 13.7 | $ 13.7 | ||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 3 years 1 month 6 days | |||||||
Share based payment arrangement, Shares reserved for future issuance | 739,618 | 739,618 | ||||||
Share based payment arrangement, Term of award | 10 | |||||||
Share based payment arrangement,Options, Fair value of options vested during period | $ 0.3 | $ 0.9 | $ 0.3 | |||||
Share based payment arrangement,Options, Intrinsic value of option exercised | $ 0.1 | |||||||
Share based payment arrangement,Options exercised | 1,515,454 | 81,870 | 0 | |||||
Share based payment arrangement,Options, Weighted-average grant date fair value options granted | $ 490 | $ 340 | ||||||
Share based payment arrangement,Options expected to vest | ||||||||
Restricted Stock [Member] | Two Thousand And Seventeen Plan [Member] | ||||||||
Share based payment arrangement, Unrecognized compensation cost | $ 0.2 | |||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 5 months 4 days | |||||||
Share based payment arrangement, Equity instruments other than option, Fair value of award vested during period | $ 0.5 | $ 0.6 | ||||||
Share based payment arrangement, Term of award | 10 | |||||||
Founder and Advisors Restricted Stock Award [Member] | ||||||||
Share based payment arrangement, Unrecognized compensation cost | $ 0.1 | |||||||
Share based payment arrangement, Unrecognized compensation cost, Recognition period | 2 months 19 days | |||||||
Share based payment arrangement, Equity instruments other than option, Fair value of award vested during period | $ 0.5 | $ 0.5 | ||||||
Founder and Advisors Restricted Stock Award [Member] | Common Stock [Member] | ||||||||
Share based payment arrangement, Shares issued during period | 4,690,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of the Company Recorded Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 1,196 | $ 407 | $ 2,146 | $ 815 | $ 1,764 | $ 1,694 |
Research and Development Expense [Member] | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | 552 | 230 | 1,012 | 449 | 1,003 | 817 |
General and Administrative Expense [Member] | ||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 644 | $ 177 | $ 1,134 | $ 366 | $ 761 | $ 877 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of the Stock Option Activity of the Company's Plan (Detail) - Employee Stock Option [Member] - Two Thousand And Seventeen Plan [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Beginning balance | 11,952,362 | 6,902,873 | |
Number of Shares Granted | 8,625,312 | 5,716,368 | |
Number of Shares Exercised | (1,515,454) | (81,870) | 0 |
Number of Shares Cancelled | (158,924) | (586,009) | |
Number of Shares Ending balance | 18,903,296 | 11,952,362 | 6,902,873 |
Number of Shares Options exercisable | 3,864,800 | 3,611,387 | |
Weighted Average Exercise Price Beginning balance | $ 0.64 | $ 0.50 | |
Weighted Average Exercise Price Granted | 1.56 | 0.79 | |
Weighted Average Exercise Price Exercised | 0.50 | 0.48 | |
Weighted Average Exercise Price Cancelled | 1.22 | 0.51 | |
Weighted Average Exercise Price Ending balance | 1.06 | 0.64 | $ 0.50 |
Weighted Average Exercise Price Options exercisable | $ 0.58 | $ 0.51 | |
Weighted Average Contractual Term | 8 years 10 months 24 days | 8 years 6 months 29 days | 8 years 11 months 19 days |
Weighted Average Contractual Term Options exercisable | 7 years 10 months 13 days | 7 years 7 months 24 days | |
Aggregate Intrinsic Value | $ 44,555,609 | $ 6,625,511 | $ 420,140 |
Aggregate Intrinsic Value Options exercisable | $ 10,973,189 | $ 2,466,634 |
Equity Incentive Plans - Disclo
Equity Incentive Plans - Disclosure of Share Based Compensation Arrangements by Share Based Payment Award (Detail) - Common Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Founder and Advisors Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance Unvested restricted common stock outstanding, Number of shares | 1,125,000 | 2,221,875 |
Beginning balance Unvested restricted common stock outstanding, Weighted Average Grant-Date Fair Value | $ 0.001 | $ 0.001 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (950,000) | (987,496) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (109,379) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0.001 | $ 0.001 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0.001 | |
Ending balance Unvested restricted common stock outstanding, Number of shares | 1,125,000 | |
Ending balance Unvested restricted common stock outstanding, Weighted Average Grant-Date Fair Value | $ 0.001 | |
Restricted Stock [Member] | 2017 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance Unvested restricted common stock outstanding, Number of shares | 2,066,034 | 4,888,460 |
Beginning balance Unvested restricted common stock outstanding, Weighted Average Grant-Date Fair Value | $ 0.33 | $ 0.35 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,370,089) | (1,744,301) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (115,077) | (1,078,125) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0.33 | $ 0.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0.08 | $ 0.42 |
Ending balance Unvested restricted common stock outstanding, Number of shares | 580,868 | 2,066,034 |
Ending balance Unvested restricted common stock outstanding, Weighted Average Grant-Date Fair Value | $ 0.38 | $ 0.33 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of the Weighted Average Assumptions Used to Estimate the Grant Date Fair Value of the Stock Options Using the Black-Scholes Option Pricing Model (Detail) - Share-based Payment Arrangement, Option [Member] - 2017 Plan [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Expected option life (in years) | 5 years | 5 years |
Expected volatility | 67.00% | 70.00% |
Risk-free interest rate | 0.40% | 1.60% |
Maximum [Member] | ||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||
Expected option life (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 72.00% | 75.00% |
Risk-free interest rate | 1.40% | 2.60% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 13, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 10, 2021 |
Share-based compensation expense, Period for recognition | 2 years 10 months 2 days | ||||||||
Payment of stock issuance cost | $ 300,000 | $ 0 | |||||||
Waiving rights | In April 2021, the holders of the Series A, Series B and Series B-1 redeemable preferred stock irrevocably waived their right to redeem any shares of Preferred Stock until March 31, 2023. | ||||||||
BCTG Acquisition Corp [Member] | |||||||||
Business combination, Percentage of equity interest acquired | 100.00% | 100.00% | |||||||
Business combination consideration transferred | $ 325,600,000 | ||||||||
Business combination,amount of consideration in the form common stock | $ 550,000,000 | ||||||||
Gross proceeds received upon closing of the business combination | 166,800,000 | ||||||||
Stock issued during period shares new issues | 18,600,000 | 18,600,000 | |||||||
Transaction costs and redemptions approximated amount | 27,300,000 | $ 27,300,000 | |||||||
Proceeds from financing activities,Net | 325,600,000 | ||||||||
BCTG Acquisition Corp [Member] | PIPE Financing [Member] | |||||||||
Additional gross proceeds received upon closing of the financing | $ 186,100,000 | ||||||||
Amended Gilead Agreement [Member] | |||||||||
Business combination,percentage of equity method investment ownership acquired | 10.00% | ||||||||
Definitive Merger Agreement [Member] | BCTG Acquisition Corp [Member] | |||||||||
Business combination, Percentage of equity interest acquired | 100.00% | ||||||||
Business combination,percentage of equity method investment ownership acquired | 100.00% | ||||||||
Subsequent Event [Member] | |||||||||
Common stock, Conversion basis | at the effective time of the merger (the “Effective Time”), each share of the Company’s redeemable convertible preferred stock “Preferred Stock” issued and outstanding immediately prior to the Effective Time shall be converted into a share of the Company’s common stock. | ||||||||
Common stock, Stock split | At the Effective Time, each option to purchase the Company’s common stock shall become an option, respectively, to purchase shares of common stock of the surviving entity, subject to adjustment in accordance with the exchange ratio. | ||||||||
Subsequent Event [Member] | BCTG Acquisition Corp [Member] | |||||||||
Business combination, Percentage of equity interest acquired | 100.00% | ||||||||
Business combination, Recognized goodwill | $ 0 | ||||||||
Business combination, Recognized intangible assets | 0 | ||||||||
Business combination consideration transferred | 156,900,000 | ||||||||
Proceeds from private investment in public entity financing | $ 179,700,000 | ||||||||
Subsequent Event [Member] | Amended Gilead Agreement [Member] | |||||||||
License fee receivable | $ 11,000,000 | ||||||||
Common Stock [Member] | BCTG Acquisition Corp [Member] | PIPE Financing [Member] | |||||||||
Stock issued during period shares new issues | 18,600,000 | ||||||||
Common Stock [Member] | Subsequent Event [Member] | BCTG Acquisition Corp [Member] | |||||||||
Stock issued during period shares, Acquisition | 18,600,000 | ||||||||
Two Thousand And Seventeen Plan [Member] | Employee Stock Option [Member] | |||||||||
Share-based compensation expense, Period for recognition | 3 years 1 month 6 days | ||||||||
Two Thousand And Seventeen Plan [Member] | Employee Stock Option [Member] | Subsequent Event [Member] | |||||||||
Share based payment arrangement, Purchase price of share | $ 2.57 | $ 1.19 | |||||||
Share based payment arrangement, Aggregate grant date fair value of options granted | $ 1,700,000 | $ 8,800,000 | |||||||
Share-based compensation expense, Period for recognition | 3 years 9 months 18 days | 3 years 9 months 18 days | |||||||
Two Thousand And Seventeen Plan [Member] | Employee Stock Option [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||||||
Share based payment arrangement, Number of shares purchased for the award | 1,010,000 | 6,805,312 | |||||||
Series B Redeemable Convertible Preferred Stock [Member] | |||||||||
Proceeds from issuance of redeemable convertible preferred stock | $ 29,800,000 | ||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||||
Temporary equity, Shares issued | 22,686,026 | ||||||||
Temporary equity, Redemption price per share | $ 1.32 | ||||||||
Proceeds from issuance of redeemable convertible preferred stock | $ 30,000,000 | $ 30,000,000 | |||||||
Payment of stock issuance cost | $ 100,000 | ||||||||
BTCG Common Stock [Member] | Definitive Merger Agreement [Member] | BCTG Acquisition Corp [Member] | |||||||||
Business combination,amount of consideration in the form common stock | $ 550,000,000 |