Foghorn Therapeutics (FHTX) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39634
Entity Registrant Name	Foghorn Therapeutics Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	47-5271393
Entity Address, Street Name	500 Technology Square, Ste 700
Entity Address, City	Cambridge
Entity Address, State	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	586-3100
Title of each class	Common Stock, $0.0001 par value per share
Trading Symbol(s)	FHTX
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,467,808
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001822462
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 213,645	$ 101,136
Marketable securities	211,093	53,153
Collaboration receivable	0	300,000
Prepaid expenses and other current assets	5,086	5,273
Total current assets	429,824	459,562
Property and equipment, net	16,943	17,563
Restricted cash	1,733	1,733
Other assets	2,403	2,400
Operating lease right-of-use assets	37,402	38,516
Total assets	488,305	519,774
Current liabilities:
Accounts payable	5,071	3,819
Accrued expenses and other current liabilities	7,010	9,562
Operating lease liabilities	6,103	6,994
Deferred revenue	30,059	28,317
Total current liabilities	48,243	48,692
Operating lease liabilities, net of current portion	50,477	51,338
Deferred revenue, net of current portion	317,068	322,730
Other liabilities	116	143
Total liabilities	415,904	422,903
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 25,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 175,000,000 shares authorized at March 31, 2022 and December 31, 2021; 41,429,615 shares issued and outstanding at March 31, 2022 and 41,299,720 shares issued and outstanding at December 31, 2021	4	4
Additional paid-in capital	364,761	361,133
Accumulated other comprehensive loss	(1,194)	(10)
Accumulated deficit	(291,170)	(264,256)
Total stockholders’ equity	72,401	96,871
Total liabilities and stockholders’ equity	$ 488,305	$ 519,774

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	41,429,615	41,299,720
Common stock, shares outstanding (in shares)	41,429,615	41,299,720

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Collaboration revenue	$ 3,920	$ 286
Operating expenses:
Research and development	24,508	18,726
General and administrative	7,216	4,690
Total operating expenses	31,724	23,416
Loss from operations	(27,804)	(23,130)
Other income (expense):
Interest expense	0	(486)
Interest income and other income (expense), net	890	630
Total other income, net	890	144
Net loss	$ (26,914)	$ (22,986)
Net loss per share attributable to common stockholders—basic (in dollars per share)	$ (0.65)	$ (0.62)
Net loss per share attributable to common stockholders—diluted (in dollars per share)	$ (0.65)	$ (0.62)
Weighted average common shares outstanding—basic (in shares)	41,370,186	36,817,277
Weighted average common shares outstanding—diluted (in shares)	41,370,186	36,817,277
Comprehensive loss:
Net loss	$ (26,914)	$ (22,986)
Other comprehensive loss:
Unrealized gains (losses) on marketable securities	(1,184)	13
Total other comprehensive gain (loss)	(1,184)	13
Total comprehensive loss	$ (28,098)	$ (22,973)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 146,187	$ 4	$ 309,126	$ (7)	$ (162,936)
Beginning balance (in shares) at Dec. 31, 2020		36,790,946
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options and employee stock purchase plan	62		62
Issuance of common stock upon exercise of stock options and employee stock purchase plan (in shares)		35,829
Stock-based compensation expense	1,888		1,888
Unrealized gains (losses) on marketable securities	13			13
Net loss	(22,986)				(22,986)
Ending balance at Mar. 31, 2021	125,164	$ 4	311,076	6	(185,922)
Ending balance (in shares) at Mar. 31, 2021		36,826,775
Beginning balance at Dec. 31, 2021	$ 96,871	$ 4	361,133	(10)	(264,256)
Beginning balance (in shares) at Dec. 31, 2021	41,299,720	41,299,720
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options and employee stock purchase plan	$ 384		384
Issuance of common stock upon exercise of stock options and employee stock purchase plan (in shares)		129,895
Stock-based compensation expense	3,244		3,244
Unrealized gains (losses) on marketable securities	(1,184)			(1,184)
Net loss	(26,914)				(26,914)
Ending balance at Mar. 31, 2022	$ 72,401	$ 4	$ 364,761	$ (1,194)	$ (291,170)
Ending balance (in shares) at Mar. 31, 2022	41,429,615	41,429,615

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (26,914)	$ (22,986)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense	3,244	1,888
Depreciation and amortization expense	811	772
Noncash lease expense	1,114	1,062
Noncash interest expense	0	85
Amortization (accretion) of premium/discount on marketable securities	38	(13)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	184	(295)
Collaboration receivable	300,000	0
Accounts payable	1,271	(754)
Accrued expenses and other liabilities	(2,542)	(2,609)
Operating lease liabilities	(1,752)	(11)
Deferred revenue	(3,920)	(286)
Net cash provided by (used in) operating activities	271,534	(23,147)
Cash flows from investing activities:
Purchases of property and equipment	(247)	(1,794)
Purchases of marketable securities	(212,294)	(26,467)
Proceeds from maturities of marketable securities	53,132	25,000
Net cash used in investing activities	(159,409)	(3,261)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options and employee stock purchase plan	384	62
Net cash provided by financing activities	384	62
Net increase (decrease) in cash, cash equivalents and restricted cash	112,509	(26,346)
Cash, cash equivalents and restricted cash at beginning of period	102,869	94,528
Cash, cash equivalents and restricted cash at end of period	215,378	68,182
Supplemental cash flow information:
Cash paid for interest	0	400
Supplemental disclosure of noncash investing and financing information:
Purchases of property and equipment included in accounts payable and accrued expenses	239	959
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	213,645	66,449
Restricted cash	1,733	1,733
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 215,378	$ 68,182

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Foghorn Therapeutics Inc. (the “Company”) is a clinical-stage biopharmaceutical company discovering and developing a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system. The Company uses its proprietary Gene Traffic Control platform to identify, validate and potentially drug targets within the system. The Company was founded in October 2015 as a Delaware corporation. The Company is headquartered in Cambridge, Massachusetts. The Company is subject to risks similar to those of other early-stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, the impact of the COVID-19 pandemic and the need to obtain adequate additional financing to fund the development of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any products developed will obtain required 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 generate significant revenue from the sale of its products. In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The Company’s operations have not been significantly impacted by the COVID-19 pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 outbreak on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected. Going concern The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations primarily with proceeds from sales of preferred stock, debt financing, an upfront payment of $15.0 million the Company received in July 2020 under a collaboration agreement with Merck Sharp & Dohme Corp. (see Note 8), proceeds from the sale of common stock in the IPO completed in October 2020 and most recently, with sale of common stock in the stock purchase agreement (the "SPA"). In January 2022, the Company received an upfront payment of $300.0 million pursuant to the collaboration agreement with Lilly (see Note 8), which was included in current assets on the condensed consolidated balance sheets as of March 31, 2022. The Company has incurred recurring losses , including net losses of $26.9 million and $23.0 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had an accumulated deficit of $291.2 million. The Company expects to continue to generate operating losses in the foreseeable future. As of the issuance date of these interim condensed consolidated financial statements the Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months. The Company will need to obtain additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements to continue to fund its operations. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborative or strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or programs. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, pipeline expansion or commercialization efforts, which could adversely affect its business prospects. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all. Basis of presentation The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 2 to the consolidated financial statements contained in the Company’s 2021 Annual Report on Form 10-K and the accounting policies followed by the Company for interim financial reporting are consistent with the accounting policies therein . Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) . The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. For nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted for all entities. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating when to adopt this standard and the effect the adoption will have on its condensed consolidated financial statements.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Marketable Securities and Fair Value Measurements	Marketable Securities and Fair Value Measurements As of March 31, 2022, available for sale marketable securities by security type consisted of (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. treasury notes (due within one year) $ 21,947 $ — $ (40) $ 21,907 Commercial paper (due within one year) 87,918 2 (168) 87,752 Corporate notes and bonds (due within one year) 19,935 3 (93) 19,845 U.S. treasury notes (due after one year through two years) 2,982 — (58) 2,924 Corporate notes and bonds (due after one year through two 79,505 1 (841) 78,665 Total $ 212,287 $ 6 $ (1,200) $ 211,093 As of December 31, 2021, available for sale marketable securities by security type consisted of (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper (due within one year) $ 36,246 $ — $ (3) $ 36,243 Corporate notes and bonds (due within one year) 16,917 — (7) 16,910 Total $ 53,163 $ — $ (10) $ 53,153 The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 54,436 $ — $ — $ 54,436 U.S. treasury notes — 109,996 — 109,996 Commercial paper — 50,663 — 50,663 Marketable securities: U.S. treasury notes — 24,831 — 24,831 Commercial paper — 87,752 — 87,752 Corporate notes and bonds — 98,510 — 98,510 Total $ 54,436 $ 371,752 $ — $ 426,188 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 82,252 $ — $ — $ 82,252 Commercial paper — 18,496 — 18,496 Marketable securities: Commercial paper — 36,243 — 36,243 Corporate notes and bonds — 16,910 — 16,910 Total $ 82,252 $ 71,649 $ — $ 153,901 During the three months ended March 31, 2022 and 2021, there were no transfers between Level 1, Level 2 and Level 3.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Laboratory equipment $ 5,109 $ 4,889 Furniture and fixtures 815 815 Computer equipment and software 101 100 Leasehold improvements 17,059 17,059 Assets not yet placed in service — 30 23,084 22,893 Less: Accumulated depreciation and amortization (6,141) (5,330) $ 16,943 $ 17,563

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee compensation and benefits $ 1,365 $ 5,596 Accrued external research and development expenses 4,697 3,079 Accrued professional fees 718 495 Other 230 392 $ 7,010 $ 9,562

Common Stock and Net Loss Per S

Common Stock and Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Common Stock and Net Loss Per Share	Common Stock and Net Loss Per Share Common Stock Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. Net Loss Per Share The following common stock equivalents presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: March 31, 2022 2021 Stock options to purchase common stock 7,772,058 6,303,254 Warrants to purchase common stock 18,445 18,445 7,790,503 6,321,699

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2016 Stock Incentive Plan The Company’s 2016 Stock Incentive Plan (the “2016 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options and other equity awards to employees, directors and consultants of the Company. Upon the effectiveness of the 2020 Equity Incentive Plan (the “2020 Plan”) in October 2020, the Company ceased granting additional awards under the 2016 Plan. 2020 Equity Incentive Plan The 2020 Plan provides for the grant of incentive stock options, non-qualified options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares initially reserved for issuance under the 2020 Plan was (i) 2,200,000 shares (the “share pool”), plus (ii) the number of shares of common stock available for issuance under the 2016 Plan as of the effective date of the 2020 Plan, plus the number of shares of common stock underlying awards under the 2016 Plan that on or after the date of adoption expire or become unexercisable without delivery of shares, are forfeited to, or repurchased for cash, are settled in cash, or otherwise become available again for grant under the 2016 Plan, in each case, in accordance with its terms (up to an aggregate of 5,078,295 shares). As of March 31, 2022, 1,949,367 shares remained available for future grant under the 2020 Plan. The share pool will automatically increase on January 1 of each year from 2021 to 2030 by the lesser of (i) four percent of the number of shares of our common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the board of directors on or prior to such date for such year. The number of shares reserved for issuance under the 2020 Plan was increased by 1,651,989 shares effective January 1, 2022. The 2020 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted with service-based vesting conditions generally vest over four years and expire after ten years. The exercise price for stock options granted is not less than the fair value of common stock on the date of grant. The Company bases fair value of common stock on the quoted market price. Prior to the IPO, the board of directors determined the value the Company’s common stock, taking into consideration its most recently available valuation of common stock performed by third parties as well as additional relevant factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. 2020 Employee Stock Purchase Plan On October 21, 2020, the Company’s board of directors adopted and its stockholders approved the 2020 Employee Stock Purchase Plan (the “ESPP”), which became effective on October 21, 2020. The aggregate number of shares of common stock available for purchase pursuant to the exercise of options under the ESPP is 360,000 shares, plus an automatic annual increase, as of January 1 of each year from 2021 to 2030, equal to the lesser of one percent of the number of shares of common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the board of directors on or prior to such date for such year (up to a maximum of 3,220,520 shares). The number of shares reserved for issuance under the ESPP was increased by 367,894 shares to 780,891 shares effective January 1, 2022. The first offering period commenced under the ESPP on September 1, 2021. The Company recognized a de minimis amount of expense related to the ESPP for the three months ended March 31, 2022. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 1,509 $ 1,014 General and administrative expenses 1,735 874 $ 3,244 $ 1,888 As of March 31, 2022, total unrecognized compensation cost related to unvested options was $39.4 million, which is expected to be recognized over a weighted average period of 3.1 years.

Collaboration Agreement

Collaboration Agreement	3 Months Ended
	Mar. 31, 2022
Collaboration Agreement [Abstract]
Collaboration Agreement	Collaboration Agreements Lilly Collaboration Agreement and Stock Purchase Agreement In December 2021, the Company entered into a collaboration agreement (the “Lilly Collaboration Agreement") with Lilly to create novel oncology medicines by applying Foghorn’s proprietary Gene Traffic Control platform. The collaboration includes a co-development and co-commercialization agreement for the Company’s selective BRM oncology target, consisting of two programs, and one additional undisclosed oncology target (collectively, the “Joint Programs”). The collaboration also includes three additional discovery targets or programs (collectively, the “Discovery Programs”) for a total of six programs directed at five targets. With respect to the Joint Programs, the Company will lead discovery and early research activities through the successful completion of dose finding toxicity studies for the identified compound, while Lilly will lead development and commercialization activities of the identified compound with participation from the Company in development activities and 50% cost sharing until registrational clinical trials. The Company and Lilly may jointly develop and commercialize the Joint Program compound though the Company may, in its sole discretion, opt-out on a program-by-program basis of further participation in the development and commercialization efforts prior to the first registrational clinical trial. If the Company does not opt-out, Lilly and the Company will continue to share in the costs to further develop and commercialize the Joint Program compound on a worldwide basis, equally share in the U.S. profits on product sales, subject to certain adjustments and receive royalties on sales outside of the United States (“Ex-U.S.”) at royalty rates ranging from low double digits to high twenties. If the Company opts-out of further development and commercialization efforts, it will have no further obligations to share in the development and commercialization costs, will receive royalties rather than profit share on U.S. sales and will receive royalties at a lower rate on Ex-U.S. sales. With respect to the Discovery Programs, the Company will lead discovery and early research activities through the successful completion of dose finding toxicity studies for the identified compounds. The Company may, in its sole discretion, opt in on a program-by-program basis after the successful completion of dose finding toxicity to participate in the further development and commercialization efforts of the Discovery Program compounds. If the Company opts-in to the development and commercialization of the Discovery Program compounds, it will be eligible to receive milestone payments of up to $10.0 million per program upon specified research and development milestones and up to $180.0 million per program upon achievement of specified regulatory and commercial milestones and will also be eligible to share in the U.S. profits at pre-determined percentages on product sales. The Company would also be eligible to receive tiered Ex-U.S. royalty rates, calculated on a product-by-product and country-by-country basis, on net sales outside of the United States, if any, ranging from low single digits to low double digits, but less then teens. If the Company does not opt in to further development and commercialization efforts for the Discovery Programs, it will be eligible to receive milestone payments of up to $70.0 million per program upon specified research and development milestones and up to $360.0 million per program upon achievement of specified regulatory and commercial milestones per approved product, if any. The Company would also be eligible to receive tiered royalties on net sales of products worldwide at royalty rates ranging from low single digits to low double digits, but less then teens. Lilly has the right to make substitutions for each of the five targets during the research term of each program, subject to certain limitations. Pursuant to the Lilly Collaboration Agreement, the Company will also participate in joint decision-making through the joint steering committee and subcommittees. Unless terminated earlier, the Lilly Collaboration Agreement will continue on a product-by-product basis until the expiration of all royalty obligations under the Lilly Collaboration Agreement and when neither the Company nor Lilly is developing, commercializing or manufacturing any product under the Lilly Collaboration Agreement. The Company or Lilly may terminate the Lilly Collaboration Agreement upon an uncured material breach by the other party. Lilly may also terminate the Lilly Collaboration Agreement in its entirety or on a target-by-target, program-by-program or product-by-product basis for any reason upon certain notice to the Company. Under the terms of the Lilly Collaboration Agreement, Lilly agreed to make a nonrefundable upfront payment of $300.0 million to the Company within thirty (30) business days following the effective date of the agreement. Simultaneously with the execution of the Lilly Collaboration Agreement, the Company and Lilly entered into the SPA, pursuant to which Lilly purchased 4,000,000 shares of the Company’s common stock at $20.00 per share, for an aggregate purchase price of $80.0 million. The Company determined that the Lilly Collaboration Agreement and the SPA entered into with Lilly concurrently should be evaluated as a combined contract in accordance with ASC 606. The Company determined the fair value of the shares sold under the Lilly SPA to be $37.8 million less than the contractual purchase price stipulated in the Lilly SPA. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity , the Company determined that the sale of stock should be recorded at fair value and therefore allocated the excess consideration received under the Lilly SPA to the Lilly Collaboration Agreement, which along with the non-refundable payment of $300.0 million will be recognized as revenue over the total estimated period of performance. The Company accounted for the arrangement under ASC 606 as the Company concluded it has a customer relationship with Lilly. The Company determined that (1) the research activities performed by the Company for both the Joint Programs and the Discovery Programs (2) the development activities and cost sharing for the Joint Program development efforts after dose finding toxicity until registrational clinical trials (3) the research, development, manufacture and commercialization licenses and (4) service on the joint steering committee and subcommittees represent a single performance obligation under the Lilly Collaboration Agreement. The Company determined that Lilly cannot benefit from the licenses separately from the research activities, the development activities until registrational clinical trials and participation on the joint steering committee and subcommittees because these services are specialized and rely on the Company’s expertise such that these activities are highly interrelated and therefore not distinct. Accordingly, the promised goods and services represent one combined performance obligation, and the entire transaction price was allocated to that single combined performance obligation. The performance obligation will be satisfied over time as the Company performs the research activities, participates and shares in the cost of the development activities for the Joint Programs and participates in a joint steering committee and subcommittees to oversee these activities. The Company’s options to share in further development and commercialization efforts via its opt-in/opt-out rights will be assessed and accounted for as separate units of accounting under the relevant guidance if, and when, such options are exercised by the Company. The transaction price of $337.8 million was initially recorded as deferred revenue and is being recognized as revenue as the performance obligation is satisfied. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer over time. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. As of March 31, 2022, the potential research, development and regulatory milestone payments that the Company is eligible to receive were excluded from the transaction price as they were fully constrained by uncertain events. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company will adjust its estimate of the transaction price. Any additions to the transaction price would be reflected in the period as a cumulative revenue catch-up based on the ratio of costs incurred to the total estimated costs expected applied to the revised transaction price. Sales-based royalties and milestone payments, which predominantly relate to the license, will be recognized if and when the related sales occur. As of March 31, 2022, the aggregate amount of the transaction price related to the unsatisfied portion of the performance obligation was $333.3 million, which is expected to be recognized as revenue through 2029. The Company does not expect collaboration revenue to be recognized evenly over this period as it will be recognized on a percentage of completion basis (using cost-to-cost method) as the Company performs the research and development activities and participates on the joint steering committee and subcommittees, which will likely vary from period to period. In estimating the total costs to satisfy its single performance obligation pursuant to the Lilly Collaboration Agreement, the Company is required to make significant estimates including an estimate of the number of target substitutions Lilly may elect to make and the expected time and expected costs to fulfill the performance obligation. The cumulative effect of revisions to the total estimated costs to complete the Company’s single performance obligation will be recorded in the period in which the changes are identified, and amounts can be reasonably estimated. While such revisions will have no impact on the Company’s cash flows, a significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods and the classification of deferred revenue between short-term and long-term. At inception, the Company assessed the Lilly Collaboration Agreement to determine whether a significant financing component exists and concluded that a significant financing component does not exist. For the three months ended March 31, 2022, the Company had recorded $3.8 million of revenue under the Lilly Collaboration Agreement, which was included in deferred revenue at contract inception. As of December 31, 2021, the upfront payment of $300.0 million was recorded as collaboration receivable on the Company's consolidated balance sheets. In January 2022, the $300.0 million was collected from Lilly. Merck Collaboration Agreement In July 2020, the Company entered into a research collaboration and license agreement (the “Merck Collaboration Agreement”) with Merck Sharp & Dohme Corp. (“Merck”). The Company and Merck will apply Foghorn’s proprietary Gene Traffic Control platform to discover and develop novel therapeutics. Under the Merck Collaboration Agreement, the Company granted Merck exclusive global rights to develop, manufacture and commercialize drugs that target dysregulation of a single transcription factor. Under the terms of the Merck Collaboration Agreement, the Company and Merck are each responsible to perform certain research activities in accordance with a mutually-agreed upon research plan. Merck may substitute the selected transcription factor during certain stages of the research program, subject to certain limitations. Following completion of the research program, Merck is responsible for the development and commercialization of the compounds developed pursuant to the research program and any product containing such compounds. Pursuant to the Merck Collaboration Agreement, the Company will also participate on a joint steering committee. Under the terms of the agreement, Foghorn received a nonrefundable upfront payment of $15.0 million from Merck, and is eligible to receive up to $245.0 million upon achievement of specified research, development and regulatory milestones by any product candidate generated by the collaboration, and up to $165.0 million upon achievement of specified sales-based milestones per approved product from the collaboration, if any. The Company will be eligible to receive tiered royalties, calculated on a product-by-product and country-by-country basis, on net sales of approved products from the collaboration, if any, at royalty rates ranging from the mid-single digits to low tens, depending on whether the products are covered by patent rights it licenses to Merck. Unless terminated earlier, the Merck Collaboration Agreement will continue in full force and effect until one or more products has received marketing authorization and, thereafter, until expiration of all royalty obligations under the Merck Collaboration Agreement. The Company or Merck may terminate the Merck Collaboration Agreement upon an uncured material breach by the other party or insolvency of the other party. Merck may also terminate the Merck Collaboration Agreement for any reason upon certain notice to the Company. The Company determined that the (1) research, development, manufacture and commercialization licenses, (2) the research activities performed by the Company and (3) service on the joint committees represent a single performance obligation under the Merck Collaboration Agreement. The Company determined that Merck cannot benefit from the licenses separately from the research activities and participation on the joint steering committee because these services are specialized and rely on the Company’s expertise such that these activities are highly interrelated and therefore not distinct. Accordingly, the promised goods and services represent one combined performance obligation and the entire transaction price was allocated to that single combined performance obligation. The performance obligation will be satisfied over the research term as the Company performs the research activities and participates in a joint steering committee to oversee research activities. The upfront payment of $15.0 million was initially recorded as deferred revenue and is being recognized as revenue as the performance obligation is satisfied. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer over time. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. As of March 31, 2022, the potential research, development and regulatory milestone payments that the Company is eligible to receive were excluded from the transaction price as they were fully constrained by uncertain events. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company will adjust its estimate of the transaction price. Any additions to the transaction price would be reflected in the period as a cumulative revenue catch-up based on the ratio of costs incurred to the total estimated costs expected applied to the revised transaction price. Sales-based royalties and milestone payments, which predominantly relate to the license, will be recognized if and when the related sales occur. As of March 31, 2022, the aggregate amount of the transaction price related to the unsatisfied portion of the performance obligation is $13.8 million, which is expected to be recognized as revenue through 2028. The Company does not expect collaboration revenue to be recognized evenly over this period as it will be recognized on a percentage of completion basis (using cost-to-cost method) as the Company performs the research activities and participates on the joint steering committee, which will likely vary from period to period. In estimating the total costs to satisfy its single performance obligation pursuant to the Merck Collaboration Agreement, the Company is required to make significant estimates including an estimate of the number of transcription factor substitutions and the expected time and expected costs to fulfill the performance obligation. The cumulative effect of revisions to the total estimated costs to complete the Company’s single performance obligation will be recorded in the period in which the changes are identified, and amounts can be reasonably estimated. While such revisions will have no impact on the Company’s cash flows, a significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods and the classification of deferred revenue between short-term and long-term. In June 2021, the Company re-evaluated its estimates related to the Merck Collaboration Agreement resulting in a reclassification of $1.9 million from short-term deferred revenue to long-term deferred revenue, net of current portion on the Company's condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company leases office space under a non-cancelable operating lease. There have been no material changes to the Company's leases during the three months ended March 31, 2022. For additional information, see Note 11, Leases , to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. License agreements The Company has entered into various exclusive and non-exclusive license agreements for certain technologies. Under the terms of these license agreements, the Company could be required to reimburse the licensors for patent expenses and remit amounts in the low single-digit as sales-based royalties upon the occurrence of specific events as outlined in the corresponding license agreements. The Company is also required to make annual license maintenance fees of less than $0.1 million and pay up to $1.1 million in regulatory milestones on each licensed product upon the occurrence of specific events as outlined in one of the license agreements. None of our product candidates utilize technologies covered by these licenses. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Legal Proceedings From time to time, the Company may become involved in litigation or other legal proceedings. The Company is not currently a party to any material litigation or legal proceedings.

Defined Contribution Plan

Defined Contribution Plan	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe Company has a 401(k) defined contribution plan (the “401(k) Plan”) for its employees. Eligible employees may make pretax contributions to the 401(k) Plan up to statutory limits. There was no discretionary match made under the 401(k) Plan as of March 31, 2022 and 2021.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Related PartiesIn October 2015, the Company entered into a five-year consulting agreement with a scientific founder of the Company who is also a board member and a shareholder. This agreement was extended to January 1, 2023 and is subject to automatic one-year renewal terms until terminated. During the three months ended March 31, 2022 and 2021, the Company paid the scientific founder de minimis and $0.1 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had less than $0.1 million accounts payable to this scientific founder.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
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 that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) . The new standard adjusts the accounting for assets held at amortized costs basis, including marketable securities accounted for as available for sale. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. For nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted for all entities. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for nonpublic entities to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating when to adopt this standard and the effect the adoption will have on its condensed consolidated financial statements.

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Available for Sale Marketable Securities By Security Type	As of March 31, 2022, available for sale marketable securities by security type consisted of (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. treasury notes (due within one year) $ 21,947 $ — $ (40) $ 21,907 Commercial paper (due within one year) 87,918 2 (168) 87,752 Corporate notes and bonds (due within one year) 19,935 3 (93) 19,845 U.S. treasury notes (due after one year through two years) 2,982 — (58) 2,924 Corporate notes and bonds (due after one year through two 79,505 1 (841) 78,665 Total $ 212,287 $ 6 $ (1,200) $ 211,093 As of December 31, 2021, available for sale marketable securities by security type consisted of (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Commercial paper (due within one year) $ 36,246 $ — $ (3) $ 36,243 Corporate notes and bonds (due within one year) 16,917 — (7) 16,910 Total $ 53,163 $ — $ (10) $ 53,153
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 54,436 $ — $ — $ 54,436 U.S. treasury notes — 109,996 — 109,996 Commercial paper — 50,663 — 50,663 Marketable securities: U.S. treasury notes — 24,831 — 24,831 Commercial paper — 87,752 — 87,752 Corporate notes and bonds — 98,510 — 98,510 Total $ 54,436 $ 371,752 $ — $ 426,188 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 82,252 $ — $ — $ 82,252 Commercial paper — 18,496 — 18,496 Marketable securities: Commercial paper — 36,243 — 36,243 Corporate notes and bonds — 16,910 — 16,910 Total $ 82,252 $ 71,649 $ — $ 153,901

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment Net	Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Laboratory equipment $ 5,109 $ 4,889 Furniture and fixtures 815 815 Computer equipment and software 101 100 Leasehold improvements 17,059 17,059 Assets not yet placed in service — 30 23,084 22,893 Less: Accumulated depreciation and amortization (6,141) (5,330) $ 16,943 $ 17,563

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee compensation and benefits $ 1,365 $ 5,596 Accrued external research and development expenses 4,697 3,079 Accrued professional fees 718 495 Other 230 392 $ 7,010 $ 9,562

Common Stock and Net Loss Per_2

Common Stock and Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Earnings Per Share Diluted Anti Dilutive Impact	The following common stock equivalents presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: March 31, 2022 2021 Stock options to purchase common stock 7,772,058 6,303,254 Warrants to purchase common stock 18,445 18,445 7,790,503 6,321,699

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 1,509 $ 1,014 General and administrative expenses 1,735 874 $ 3,244 $ 1,888

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2022	Jul. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements
Upfront payment received from Merck		$ 15,000
Net loss			$ (26,914)	$ (22,986)
Accumulated deficit			$ (291,170)		$ (264,256)
Eli Lilly
Organization Consolidation And Presentation Of Financial Statements
Proceeds from contracts with customers	$ 300,000

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Summary of Available for Sale Marketable Securities By Security Type (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	$ 212,287	$ 53,163
Gross Unrealized Gains	6	0
Gross Unrealized Losses	(1,200)	(10)
Estimated Fair Value	211,093	53,153
U.S. treasury notes (due within one year)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	21,947
Gross Unrealized Gains	0
Gross Unrealized Losses	(40)
Estimated Fair Value	21,907
Commercial paper (due within one year)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	87,918	36,246
Gross Unrealized Gains	2	0
Gross Unrealized Losses	(168)	(3)
Estimated Fair Value	87,752	36,243
Corporate notes and bonds (due within one year)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	19,935	16,917
Gross Unrealized Gains	3	0
Gross Unrealized Losses	(93)	(7)
Estimated Fair Value	19,845	$ 16,910
U.S. treasury notes (due after one year through two years)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	2,982
Gross Unrealized Gains	0
Gross Unrealized Losses	(58)
Estimated Fair Value	2,924
Corporate notes and bonds (due after one year through two years)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Amortized Cost	79,505
Gross Unrealized Gains	1
Gross Unrealized Losses	(841)
Estimated Fair Value	$ 78,665

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 211,093	$ 53,153
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	426,188	153,901
Recurring | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	24,831
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	87,752	36,243
Recurring | Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	98,510	16,910
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	54,436	82,252
Recurring | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	109,996
Recurring | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	50,663	18,496
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	54,436	82,252
Recurring | Level 1 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0
Recurring | Level 1 | Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0
Recurring | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	54,436	82,252
Recurring | Level 1 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0
Recurring | Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	371,752	71,649
Recurring | Level 2 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	24,831
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	87,752	36,243
Recurring | Level 2 | Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	98,510	16,910
Recurring | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Recurring | Level 2 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	109,996
Recurring | Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	50,663	18,496
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	0	0
Recurring | Level 3 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0
Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0
Recurring | Level 3 | Corporate notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0
Recurring | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Recurring | Level 3 | U.S. treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0
Recurring | Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	$ 0	$ 0

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	$ 23,084	$ 22,893
Less: Accumulated depreciation and amortization	(6,141)	(5,330)
Property and equipment, net	16,943	17,563
Laboratory equipment
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	5,109	4,889
Furniture and fixtures
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	815	815
Computer equipment and software
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	101	100
Leasehold improvements
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	17,059	17,059
Assets not yet placed in service
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Property plant and equipment including finance right of use assets, gross	$ 0	$ 30

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 811	$ 772

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 1,365	$ 5,596
Accrued external research and development expenses	4,697	3,079
Accrued professional fees	718	495
Other	230	392
Total	$ 7,010	$ 9,562

Common Stock and Net Loss Per_3

Common Stock and Net Loss Per Share - Narrative (Details)	Mar. 31, 2022vote
Equity [Abstract]
Voting rights per share (per share)	1

Common Stock and Net Loss Per_4

Common Stock and Net Loss Per Share - Earnings Per Share Diluted Anti Dilutive Impact (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	7,790,503	6,321,699
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	7,772,058	6,303,254
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive shares excluded from the calculation of earnings per share (shares)	18,445	18,445

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2022	Oct. 21, 2020	Mar. 31, 2022
Share-based Payment Arrangement
Number of shares authorized	780,891
Unrecognized compensation costs related to unvested options and unvested restricted stock			$ 39.4
Weighted average period of unrecognized compensation costs			3 years 1 month 6 days
2020 Equity Incentive Plan
Share-based Payment Arrangement
Number of shares authorized			2,200,000
Common stock shares available for grant (in shares)			1,949,367
Percentage of automatic annual increase in number of shares			4.00%
Number of additional shares authorized (in shares)	1,651,989
Vesting period (years)			4 years
Stock option expiry period (years)			10 years
2016 Stock Incentive Plan
Share-based Payment Arrangement
Number of shares authorized			5,078,295
2020 Employee Stock Purchase Plan
Share-based Payment Arrangement
Number of shares authorized		360,000
Percentage of automatic annual increase in number of shares		1.00%
Number of additional shares authorized (in shares)	367,894
Maximum aggregate number of shares added to plan (in shares)			3,220,520

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement
Stock-based compensation expense	$ 3,244	$ 1,888
Research and development expenses
Share-based Payment Arrangement
Stock-based compensation expense	1,509	1,014
General and administrative expenses
Share-based Payment Arrangement
Stock-based compensation expense	$ 1,735	$ 874

Collaboration Agreement (Detail

Collaboration Agreement (Details) $ / shares in Units, $ in Thousands	Dec. 10, 2021USD ($)$ / sharesshares	Jan. 31, 2022USD ($)	Dec. 31, 2021USD ($)targetprogram	Jul. 31, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 01, 2021USD ($)	Jul. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative
Collaboration receivable			$ 300,000		$ 0
Revenue					3,920	$ 286
Upfront payment received from Merck				$ 15,000
Deferred revenue			$ 28,317		30,059
Adjustments
Collaborative Arrangement and Arrangement Other than Collaborative
Deferred revenue									$ 1,900
Maximum | Sales based
Collaborative Arrangement and Arrangement Other than Collaborative
Amount receivable for achievement of milestones				165,000
Maximum | Research Development And Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative
Amount receivable for achievement of milestones				$ 245,000
Eli Lilly
Collaborative Arrangement and Arrangement Other than Collaborative
Number Of Additional Targets | target			3
Number Of Programs | program			6
Number Of Targets | target			5
Collaboration receivable			$ 300,000
Difference between fair value of shares and contract price			37,800
Deferred revenue					333,300		$ 337,800
Revenue					3,800
Proceeds from contracts with customers		$ 300,000
Eli Lilly | Share Purchase Agreement
Collaborative Arrangement and Arrangement Other than Collaborative
Sale of stock, number of shares issued in transaction (in shares) | shares	4,000,000
Sale of stock issue price per share (in dollars per share) | $ / shares	$ 20
Sale of stock consideration received on the transaction	$ 80,000
Eli Lilly | Sales Based Milestone
Collaborative Arrangement and Arrangement Other than Collaborative
Amount receivable for achievement of milestones			180,000
Opt Out Milestone Receivable Upon Achievement			360,000
Eli Lilly | Maximum | Research Development And Regulatory
Collaborative Arrangement and Arrangement Other than Collaborative
Amount receivable for achievement of milestones			10,000
Opt Out Milestone Receivable Upon Achievement			$ 70,000
Merck
Collaborative Arrangement and Arrangement Other than Collaborative
Deferred revenue								$ 15,000
Revenue					100	$ 300
Unsatisfied portion of the performance obligation					$ 13,800

Commitments and Contingencies (

Commitments and Contingencies (Details) - Stanford - Maximum $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Commitments And Contingencies
Annual license maintenance fees	$ 0.1
Milestones payable upon event	$ 1.1

Related Parties (Details)

Related Parties (Details) - Affiliated Entity - Scientific Founder - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2015	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction
Service agreement term	5 years
Payments made to related party under service agreement		$ 0	$ 100,000
Accounts payable, related party (less than)		$ 100,000		$ 100,000