Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Monte Rosa Therapeutics, Inc. | |
Entity Central Index Key | 0001826457 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,713,908 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Security12b Title | Common stock, par value $0.0001 per share | |
Trading Symbol | GLUE | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-40522 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 84-3766197 | |
Entity Address Address Line1 | 645 Summer Street | |
Entity Address, Address Line Two | Suite 102 | |
Entity Address City Or Town | Boston | |
Entity Address State Or Province | MA | |
Entity Address Postal Zip Code | 02210 | |
City Area Code | 617 | |
Local Phone Number | 949-2643 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 103,664 | $ 346,071 |
Marketable securities | 190,481 | 0 |
Prepaid expenses and other current assets | 2,900 | 2,595 |
Total current assets | 297,045 | 348,666 |
Property and equipment, net | 15,205 | 12,325 |
Operating lease right-of-use assets | 47,102 | 0 |
Restricted cash | 5,320 | 5,338 |
Other long-term assets | 384 | 0 |
Total assets | 365,056 | 366,329 |
Current liabilities: | ||
Accounts payable | 4,294 | 6,558 |
Accrued expenses and other current liabilities | 7,817 | 10,080 |
Current portion of operating lease liability | 2,662 | 0 |
Total current liabilities | 14,773 | 16,638 |
Defined benefit plan liability | 2,138 | 2,176 |
Operating lease liability | 46,095 | 0 |
Total liabilities | 63,006 | 18,814 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized, 46,873,974 shares issued and 46,684,658 shares outstanding as of June 30, 2022; and 500,000,000 shares authorized, 46,794,295 shares issued and 46,535,966 shares outstanding as of December 31, 2021 | 5 | 5 |
Additional paid-in capital | 476,939 | 471,566 |
Accumulated other comprehensive loss | (2,458) | (2,021) |
Accumulated deficit | (172,436) | (122,035) |
Total stockholders' equity | 302,050 | 347,515 |
Total liabilities and stockholders' equity | $ 365,056 | $ 366,329 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 46,873,974 | 46,794,295 |
Common stock shares outstanding | 46,684,658 | 46,535,966 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 20,936 | $ 14,637 | $ 38,851 | $ 23,910 |
General and administrative | 6,295 | 3,486 | 12,682 | 5,717 |
Total operating expenses | 27,231 | 18,123 | 51,533 | 29,627 |
Loss from operations | (27,231) | (18,123) | (51,533) | (29,627) |
Other income (expense): | ||||
Interest income, net | 628 | 14 | 777 | 20 |
Foreign currency exchange gain (loss), net | 134 | (296) | 230 | (114) |
Gain on disposal of fixed assets | 125 | |||
Changes in fair value of preferred stock tranche obligations, net | 0 | 0 | 0 | (960) |
Total other income (expense) | 762 | (282) | 1,132 | (1,054) |
Net loss | $ (26,469) | $ (18,405) | $ (50,401) | $ (30,681) |
Net loss per share attributable to common stockholders-basic | $ (0.57) | $ (3.63) | $ (1.08) | $ (9.03) |
Net loss per share attributable to common stockholders-diluted | $ (0.57) | $ (3.63) | $ (1.08) | $ (9.03) |
Weighted-average number of common shares used in computing net loss per share-basic | 46,668,369 | 5,070,554 | 46,632,279 | 3,399,174 |
Weighted-average number of common shares used in computing net loss per share-diluted | 46,668,369 | 5,070,554 | 46,632,279 | 3,399,174 |
Comprehensive loss: | ||||
Net loss | $ (26,469) | $ (18,405) | $ (50,401) | $ (30,681) |
Provision for pension benefit obligation | 33 | (495) | 67 | (359) |
Unrealized loss on available-for-sale securities | (358) | (504) | ||
Comprehensive loss | $ (26,794) | $ (18,900) | $ (50,838) | $ (31,040) |
Condensed Combined and Consolid
Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ (48,728) | $ 1 | $ 404 | $ (1,056) | $ (48,077) | |||
Balance (in shares) at Dec. 31, 2020 | 1,685,534 | |||||||
Balance at Dec. 31, 2020 | $ 67,764 | |||||||
Balance (in shares) at Dec. 31, 2020 | 53,631,514 | |||||||
Restricted common stock vesting, Shares | 36,565 | |||||||
Issuance of convertible preferred stock, net of issuance costs | $ 68,571 | $ 94,837 | ||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 24,000,000 | 32,054,521 | ||||||
Provision for pension benefit obligation | 136 | 136 | ||||||
Stock-based compensation expense | 252 | 252 | ||||||
Net loss | (12,276) | (12,276) | ||||||
Balance at Mar. 31, 2021 | (60,616) | $ 1 | 656 | (920) | (60,353) | |||
Balance (in shares) at Mar. 31, 2021 | 1,722,099 | |||||||
Balance at Mar. 31, 2021 | $ 231,172 | |||||||
Balance (in shares) at Mar. 31, 2021 | 109,686,035 | |||||||
Balance at Dec. 31, 2020 | (48,728) | $ 1 | 404 | (1,056) | (48,077) | |||
Balance (in shares) at Dec. 31, 2020 | 1,685,534 | |||||||
Balance at Dec. 31, 2020 | $ 67,764 | |||||||
Balance (in shares) at Dec. 31, 2020 | 53,631,514 | |||||||
Net loss | (30,681) | |||||||
Balance at Jun. 30, 2021 | 356,678 | $ 4 | 436,847 | (1,415) | (78,758) | |||
Balance (in shares) at Jun. 30, 2021 | 44,603,731 | |||||||
Balance at Mar. 31, 2021 | (60,616) | $ 1 | 656 | (920) | (60,353) | |||
Balance (in shares) at Mar. 31, 2021 | 1,722,099 | |||||||
Balance at Mar. 31, 2021 | $ 231,172 | |||||||
Balance (in shares) at Mar. 31, 2021 | 109,686,035 | |||||||
Restricted common stock vesting, Shares | 36,580 | |||||||
Exercise of common stock options | 128 | 128 | ||||||
Exercise of common stock options, Shares | 76,950 | |||||||
Conversion of convertible preferred stock into common stock | 231,172 | $ (231,172) | $ 2 | 231,170 | ||||
Conversion of convertible preferred stock into common stock, Shares | 109,686,035 | 31,068,102 | ||||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $18,500 | 203,875 | $ 1 | 203,874 | |||||
Issuance of common stock in connection with initial public offering, net of issuance costs of $18,500, shares | 11,700,000 | |||||||
Provision for pension benefit obligation | (495) | (495) | ||||||
Stock-based compensation expense | 1,019 | 1,019 | ||||||
Net loss | (18,405) | (18,405) | ||||||
Balance at Jun. 30, 2021 | 356,678 | $ 4 | 436,847 | (1,415) | (78,758) | |||
Balance (in shares) at Jun. 30, 2021 | 44,603,731 | |||||||
Balance at Dec. 31, 2021 | 347,515 | $ 5 | 471,566 | (2,021) | (122,035) | |||
Balance (in shares) at Dec. 31, 2021 | 46,535,966 | |||||||
Restricted common stock vesting, Shares | 34,505 | |||||||
Exercise of common stock options | 153 | 153 | ||||||
Exercise of common stock options, Shares | 60,240 | |||||||
Provision for pension benefit obligation | 34 | 34 | ||||||
Stock-based compensation expense | 2,251 | 2,251 | ||||||
Unrealized loss on available-for-sale securities | (146) | (146) | ||||||
Net loss | (23,932) | (23,932) | ||||||
Balance at Mar. 31, 2022 | 325,875 | $ 5 | 473,970 | (2,133) | (145,967) | |||
Balance (in shares) at Mar. 31, 2022 | 46,630,711 | |||||||
Balance at Dec. 31, 2021 | $ 347,515 | $ 5 | 471,566 | (2,021) | (122,035) | |||
Balance (in shares) at Dec. 31, 2021 | 46,535,966 | |||||||
Exercise of common stock options, Shares | 79,679 | |||||||
Net loss | $ (50,401) | |||||||
Balance at Jun. 30, 2022 | 302,050 | $ 5 | 476,939 | (2,458) | (172,436) | |||
Balance (in shares) at Jun. 30, 2022 | 46,684,658 | |||||||
Balance at Mar. 31, 2022 | 325,875 | $ 5 | 473,970 | (2,133) | (145,967) | |||
Balance (in shares) at Mar. 31, 2022 | 46,630,711 | |||||||
Restricted common stock vesting, Shares | 34,508 | |||||||
Exercise of common stock options | 96 | 96 | ||||||
Exercise of common stock options, Shares | 19,439 | |||||||
Provision for pension benefit obligation | 33 | 33 | ||||||
Stock-based compensation expense | 2,873 | 2,873 | ||||||
Unrealized loss on available-for-sale securities | (358) | (358) | ||||||
Net loss | (26,469) | (26,469) | ||||||
Balance at Jun. 30, 2022 | $ 302,050 | $ 5 | $ 476,939 | $ (2,458) | $ (172,436) | |||
Balance (in shares) at Jun. 30, 2022 | 46,684,658 |
Condensed Combined and Consol_2
Condensed Combined and Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Stock issuance costs | $ 0 |
Series B Convertible Preferred Stock | |
Stock issuance costs of convertible securities | 68 |
Series C Convertible Preferred Stock | |
Stock issuance costs of convertible securities | 163 |
Common Stock | |
Stock issuance costs | $ 18,500 |
Condensed Combined and Consol_3
Condensed Combined and Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (50,401) | $ (30,681) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 5,124 | 1,271 |
Depreciation | 1,642 | 741 |
Noncash lease expense | 1,659 | |
Net accretion of discounts/premiums on marketable securities | (331) | |
Changes in fair value of preferred stock tranche obligations | 0 | 960 |
Gain on disposal of property and equipment | (125) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | (688) | 663 |
Accounts payable | (2,547) | (1,195) |
Accrued expenses and other current liabilities | (2,196) | 844 |
Defined benefit plan liability | 28 | |
Operating lease liability | (70) | |
Net cash used in operating activities | (47,905) | (27,397) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (4,240) | (4,918) |
Proceeds from sale of property and equipment | 125 | |
Purchases of marketable securities | (230,654) | |
Proceeds from maturities of marketable securities | 40,000 | |
Net cash used in investing activities | (194,769) | (4,918) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock | 0 | 143,000 |
Payment of convertible preferred stock issuance costs | 0 | (231) |
Proceeds from initial public offering, net of underwriting discount | 0 | 206,739 |
Payment of initial public offering issuance costs | 0 | (1,395) |
Proceeds from exercise of employee stock options | 249 | 128 |
Net cash provided by financing activities | 249 | 348,241 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (242,425) | 315,926 |
Cash, cash equivalents and restricted cash—beginning of period | 351,409 | 42,863 |
Cash, cash equivalents and restricted cash-end of period | 108,984 | 358,789 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 103,664 | 357,060 |
Restricted cash | 5,320 | 1,729 |
Total cash, cash equivalents and restricted cash | 108,984 | 358,789 |
Supplemental disclosure of noncash items | ||
Conversion of convertible preferred stock into common stock | 0 | 231,172 |
Settlement of preferred stock tranche obligation | 0 | 20,640 |
Common stock issuance costs in accounts payable | 0 | 1,469 |
Purchases of property and equipment in accounts payable | $ 939 | $ 123 |
Condensed Combined and Consol_4
Condensed Combined and Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from initial public offering, net of underwriting discount | $ 15.6 | $ 15.6 |
Description of Business, Contri
Description of Business, Contribution and Exchange, and Liquidity | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business, Contribution and Exchange, and Liquidity | 1. Description of business, contribution and exchange, and liquidity Business Monte Rosa Therapeutics, Inc. is a biotechnology company developing a portfolio of novel small molecule precision medicines that employ the body’s natural mechanisms to selectively degrade therapeutically-relevant proteins. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to the Company or Monte Rosa refer to Monte Rosa Therapeutics, Inc. and its wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Therapeutics Securities Corp. Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated under the laws of Switzerland in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in Delaware in November 2019. The Company is headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland. Reverse Stock Split The Company's board of directors approved a one-for-3.5305 reverse stock split of its issued and outstanding common stock and stock options and a proportional adjustment to the existing conversion ratios for the Company's preferred stock effective as of June 17, 2021. Accordingly, all share and per share amounts for all periods presented in the financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. Initial Public Offering In June 2021 the Company completed its initial public offering, or IPO, and issued an aggregate of 11,700,000 shares of common stock at a price to the public of $ 19.00 per share. The Company received aggregate net proceeds from the IPO of $ 203.6 million, after deducting underwriting discounts and commissions of $ 15.6 million and offering costs of $ 3.1 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase an additional 1,755,000 shares. In July 2021, the underwriters exercised the option in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $ 31.0 million after deducting underwriter discounts and commissions of $ 2.3 million. Immediately prior to consummation of the IPO, all outstanding shares of the Company's Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock. The Company's common stock began trading on the Nasdaq Global Select Market on June 24, 2021 under the symbol “GLUE”. Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares and public offerings of the Company's common stock. The Company’s continued discovery and development of its product candidates 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 and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of June 30, 2022, the Company had an accumulated deficit of $ 172.4 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 50.4 million and $ 30.7 million for the six months ended June 30, 2022 and 2021, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $ 294.1 million as of June 30, 2022 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. 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. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act). In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments , or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and financial statement disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures. Recently adopted accounting pronouncements On January 1, 2022, the Company adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), and its associated amendments using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under the standard, a lessee is required to recognize a lease liability and right-of-use (ROU) asset for all leases. The new guidance also modified the classification criteria and requires additional disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. Consistent with current guidance, a lessee’s recognition, measurement, and presentation of expenses and cash flows arising from a lease continues to depend primarily on its classification. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2022. In addition, the Company elected the following transitional practical expedients: (1) the short-term lease exception and (2) to not separate its non-lease components for its real estate, vehicle and equipment leases. Upon the adoption of this standard, the Company recorded operating lease right-of-use assets of $ 7.3 million and corresponding operating lease liabilities of $ 7.4 million as of January 1, 2022. The difference between the value of the right-of-use assets and lease liabilities is due to the reclassification of existing deferred rent as of January 1, 2022. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASU 2019-12 on January 1, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair value measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of June 30, 2022 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 89,717 $ — $ — $ 89,717 Pension plan assets(1) — 3,748 — 3,748 Corporate debt securities — 102,951 — 102,951 U.S Treasury securities — 87,530 — 87,530 Total assets measured at fair value $ 89,717 $ 194,229 $ — $ 283,946 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund. Money market funds are highly liquid investments and are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. Marketable securities consist of corporate debt securities and U.S. Treasury securities which are classified as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities . Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities based on historical data and other observable inputs. All marketable securities have a maturity date within the next 12 months. There were no transfers among Level 1, Level 2 or Level 3 categories in the six months ended June 30, 2022 and 2021 . |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities Marketable securities as of June 30, 2022 consisted of the following : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 103,261 $ — $ ( 310 ) $ 102,951 U.S Treasury securities 87,723 — ( 193 ) 87,530 Total $ 190,984 $ — $ ( 503 ) $ 190,481 As of June 30, 2022 , the Company held 30 marketable securities, 22 of which are in an unrealized loss position. The aggregate fair value of securities in a loss position is $ 127.7 million. There were no individual securities that were in a significant unrealized loss position as of June 30, 2022. The Company evaluates securities for other-than-temporary impairments based on quantitative and qualitative factors, and considers the decline in market value as of June 30, 2022 , to be primarily attributable to the then current economic and market conditions. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that the Company will have to sell them before recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to it at maturity. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 5. Property and Equipment, net Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 16,213 $ 12,315 Computer hardware and software $ 484 443 Furniture and fixtures 299 299 Leasehold improvements 1,119 1,119 Construction in process 1,258 852 Total property and equipment, at cost $ 19,373 $ 15,028 Less: accumulated depreciation ( 4,168 ) ( 2,703 ) Property and equipment, net $ 15,205 $ 12,325 Depreciation expense for the three months ended June 30, 2022 and 2021 was $ 0.8 million and $ 0.4 million, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021 was $ 1.6 million and $ 0.7 million, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the condensed consolidated balance sheets. The Company has no finance leases as of June 30, 2022. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. 645 Summer Street In September 2020, the Company entered into an operating lease agreement to lease 16,748 square feet of office and laboratory space at 645 Summer Street, Boston, Massachusetts. The original term of the 645 Summer Lease expires in March 2026 . On May 5, 2022, the Company entered into an Agreement for Termination of Lease (the “Lease Termination Agreement”) with OPG MP Parcel Owner (DE) LLC (the “Landlord”) which, subject to the Landlord executing a lease with a new tenant, provides the Company with the option to terminate the existing lease agreement (the “645 Summer Lease”) for office space located at 645 Summer Street, Boston, MA. As of June 30, 2022, the landlord had not executed a new lease with a new tenant. See Note 13 for more information. Klybeck Lease In March 2021, the Company entered into an operating lease agreement for office and lab space that occupies approximately 21,422 square feet located at Hochbergerstrasse 60C, 4057 Basel, Basel-City, Switzerland. The current term of the lease expires in March 2026. Harrison Street Lease In December, 2021, the Company entered into a non-cancelable lease agreement for 63,327 square feet of office and laboratory space to support its expanding operations. The term of the lease commenced on April 1, 2022 and the Company’s obligation to pay rent will begin upon the earlier of (a) December 1, 2022 or (b) the date which is two (2) months following the date which Company substantially completes its tenant improvements. The initial term of the lease is 128 months following the commencement date at which point the Company has the option to extend the lease an additional 5 years . As of the lease commencement date, the Company has determined that it is not reasonably certain to exercise the option to extend the lease and has not included the extension period in the lease term. The annual base rent under the Lease is $ 95.00 per square foot for the first year, which is subject to scheduled annual increases of 3 %, plus certain costs, operating expenses and property management fees. The components of lease expense for the six months ended June 30, 2022 are as follows (in thousands): Six months ended June 30, 2022 Operating lease expense $ 2,703 Variable lease expense 617 Total lease expense $ 3,320 The variable lease expenses generally include common area maintenance and property taxes. All lease related expenses have been recorded as research and development expense in the condensed consolidated statements of operations and comprehensive loss. There were no short-term lease costs in the six months ended June 30, 2022. The weighted average remaining lease term and discount rate related to the Company's leases are as follows: June 30, 2022 Weighted average remaining lease term (years) 9.8 Weighted average discount rate 9.7 % Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2022 are as follows (in thousands): Six months ended June 30, 2022 Right-of-use assets obtained in exchange for operating lease obligations $ 48,488 Cash paid for amounts included in the measurement of lease liabilities $ 712 The amortization of the ROU assets for the six months ended June 30, 2022 was $ 1.4 million. Future minimum lease payments under non-cancelable leases as of June 30, 2022 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments Remaining 2022 $ 1,546 2023 8,162 2024 8,398 2025 8,642 2026 7,145 Thereafter 44,360 Total undiscounted minimum lease payments 78,253 Less: Imputed interest ( 29,496 ) Total operating lease liability $ 48,757 Prior to January 1, 2022, the Company accounted for its leases in accordance with ASC Topic 840, Leases . As of December 31, 2021, the Company was committed under operating leases for its corporate offices. The future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows: 2022 $ 3,160 2023 8,353 2024 8,583 2025 8,820 2026 7,298 Thereafter 44,360 Total future minimum lease payments $ 80,574 |
Common stock
Common stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Common stock | 7. Common stock The Company’s board of directors approved a one -for-3.5305 reverse stock split of its issued and outstanding common stock and stock options and a proportional adjustment to the existing conversion ratios for the Company’s preferred stock effective as of June 17, 2021 . Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The Company had 500,000,000 shares of common stock authorized, of which 46,873,974 shares were issued and 46,684,658 shares were outstanding at June 30, 2022. The holders of common stock are entitled to dividends when and if declared by the board of directors. The board of directors has no t declared any dividends and the Company has no t paid any dividends. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. The Company has issued restricted stock to founders, employees and consultants, and expense for this restricted stock is recognized on a straight-line basis (see Note 8). The restricted stock generally vests monthly over 4 years . As of June 30, 2022 and December 31, 2021, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options: June 30, December 31, Options to purchase common stock 7,192,968 5,563,513 Unvested restricted common stock 189,316 258,329 7,382,284 5,821,842 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-based compensation 2020 Stock incentive plan The Company’s 2020 Stock Option and Grant Plan, or the 2020 Plan, provided for the Company to grant stock options, restricted stock and other stock awards, to employees, non-employee directors, and consultants. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances will be made under the 2020 Plan. 2021 Stock incentive plan The Company’s 2021 Stock Option and Incentive Plan, or the 2021 Plan, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2021 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares initially reserved for issuance under the 2021 Plan is 4,903,145 . As of December 31, 2021, 3,658,193 shares of common stock were available for issuance under 2021 Plan. Effective January 1, 2022, the number of shares available under the 2021 Plan automatically increased by 2,326,798 shares pursuant to the evergreen provision of the 2021 Plan. As of June 30, 2022, 4,198,022 shares were available for issuance under the 2021 Plan. Under the evergreen provision of the 2021 plan, each January 1 commencing in 2022 and thereafter automatically increases shares available for issuance by 5 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as may be determined by the Company’s compensation, nomination and corporate governance committee. 2021 Employee stock purchase plan The Company’s 2021 Employee Stock Purchase Plan, or the 2021 ESPP, was approved by the Company’s board of directors on May 28, 2021, and the Company’s stockholders on June 17, 2021, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 439,849 shares of the Company’s common stock were initially reserved for issuance under the 2021 ESPP, which will be automatically increased on January 1, 2022 and will continue to increase each January 1 thereafter through January 1, 2031, by the least of (i) 439,849 shares of the Company’s common stock, (ii) 1 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, 2020 or (iii) such lesser number of shares of the Company’s common stock as determined by the plan administrator of the 2021 ESPP. As of December 31, 2021, 439,849 shares of common stock remained available for issuance under the 2021 ESPP. Effective January 1, 2022, the number of shares available under the 2021 ESPP automatically increased by 439,849 shares pursuant to the evergreen provision of the 2021 ESPP. As of June 30, 2022, 879,698 shares were available for issuance under the 2021 ESPP. Stock option activity The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding—December 31, 2021 5,563,513 $ 7.92 9.2 $ 70,045 Granted 1,845,375 13.02 — — Exercised ( 79,679 ) 3.12 — — Forfeited ( 136,241 ) 11.00 — — Outstanding—June 30, 2022 7,192,968 $ 9.22 9.0 $ 21,414 Exercisable—June 30, 2022 1,724,556 $ 6.93 8.6 $ 7,589 The aggregate intrinsic value of options granted is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock. Restricted stock award activity The following summarizes restricted stock activity: Number Weighted Unvested as of December 31, 2021 258,329 $ 0.90 Vested ( 69,013 ) $ 0.78 Unvested as of June 30, 2022 189,316 $ 0.94 The aggregate fair value of restricted stock that vested during the six months ended June 30, 2022 was $ 0.9 million. The weighted average fair value of restricted stock that vested during the six months ended June 30, 2021 was immaterial. The weighted average grant date fair value of restricted stock that vested during the six months ended June 30, 2022 was $ 0.78 . Stock-based compensation expense Stock-based compensation expense is classified as follows (in thousands): Six months ended 2022 2021 Research and development $ 2,593 $ 501 General and administrative 2,531 770 Total stock-based compensation expense $ 5,124 $ 1,271 As of June 30, 2022, total unrecognized stock–based compensation cost related to unvested stock options and restricted stock awards was $ 35.5 million and $ 0.2 million, respectively. The Company expects to recognize this remaining cost over a weighted average period of 2.9 and 1.4 years, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | . Income taxes The Company did no t record a provision or benefit for income taxes during the six months ended June 30, 2022 and 2021. The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize our deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercial products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 10. Net loss per common share Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three months ended Six months ended 2022 2021 2022 2021 Net loss $ ( 26,469 ) $ ( 18,405 ) $ ( 50,401 ) $ ( 30,681 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.57 ) $ ( 3.63 ) $ ( 1.08 ) $ ( 9.03 ) Weighted-average number of common shares used in computing net loss 46,668,369 5,070,554 46,632,279 3,399,174 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: June 30, June 30, 2022 2021 Stock options to purchase common stock 7,192,968 5,562,928 Restricted common stock 189,316 422,133 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 11. Related parties Versant Venture Management, LLC or Versant Venture has been a related party since inception of the Company as an investor and member of the board of directors. The Company had a service agreement with a Versant Venture discovery engine, Ridgeline Discovery, or Ridgeline. Ridgeline provided management and administrative support to facilitate start-up of the Company and provided research and development services. Expenses attributable to Ridgeline were recognized primarily in research and development expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. The Company paid $ 2.6 million and $ 7.3 million to Ridgeline during the three and six month periods ended June 30 2021, respectively. As of June 30, 2021 the Company had $ 0.5 million in accounts payable in the condensed consolidated balance sheets associated with Ridgeline. The consulting agreement with Ridgeline expired December 31, 2021. Transactions with Versant Venture and Ridgeline for the three and six month periods ended June 30, 2022 were immaterial. |
Employee Retirement Plan
Employee Retirement Plan | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plan | 12. Employee retirement plans The Company, in compliance with Swiss Law, is contracted with the Swiss Life Collective BVG Foundation for the provision of pension benefits in a defined benefit plan. All benefits are reinsured in their entirety with Swiss Life Ltd within the framework of the contract. The technical administration and management of the savings account are guaranteed by Swiss Life on behalf of the collective foundation. Insurance benefits due are paid directly to the entitled persons by Swiss Life in the name of and for the account of the collective foundation. The pension plan is financed by contributions of both employees and employer. The contract between the Company and the collective foundation can be terminated by either side. In the event of a termination, the Company would have an obligation to find alternative pension arrangements for its employees. Because there is no guarantee that the employee pension arrangements would be continued under the same conditions, there is a risk, albeit remote, that a pension obligation may fall on the Company. The pension assets are pooled for all affiliated companies; the investment of assets is done by the governing bodies of the collective foundation or by mandated parties. The risks of disability, death and longevity are reinsured in their entirety with Swiss Life Ltd. The Company recorded $ 0.2 million and $ 0.1 million defined benefit related expense during the three months ended June 30, 2022 and 2021, respectively. The Company recorded $ 0.4 million and $ 0.2 million defined benefit related expense during the six months ended June 30, 2022 and 2021, respectively. In February 2021, the Company adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible U.S. based employees of the Company. All employees are eligible to become participants of the plan immediately upon hire. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right, but is not obligated, to make additional contributions to this plan. The Company makes safe-harbor match contributions of 100 % of the first 4 % of each participant’s eligible compensation. The Company recorded $ 0.1 million and $ 0.1 million matching 401(k) contribution related expense during the three months ended June 30, 2022 and 2021, respectively. The Company recorded $ 0.3 million and $ 0.1 million matching 401(k) contribution related expense during the six months ended June 30, 2022 and 2021 , respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent events The Company has evaluated subsequent events through the date these financial statements were issued and has determined that there have been no events that have occurred that would require adjustments to the Company’s disclosures in the condensed consolidated financial statements, except as referenced below. On May 5, 2022, the Company and entered into an agreement for the termination of lease the Company's office located at 645 Summer Street Boston, Massachusetts subject to the termination condition of the landlord and a new tenant executing a new lease for the premises. On August 8, 2022, the termination condition was met. The Company may terminate the lease as of any date between February 1, 2023 and June 1, 2023 upon providing 90 days prior notice of such date. As of June 30, 2022, the operating lease ROU asset and operating lease liability related to the 645 Summer Street Lease was $ 5.1 million and $ 5.2 million, respectively. If the termination condition had been met as of June 30, 2022, the ROU asset and operating lease liability would have been reduced by $ 3.7 million to $ 1.4 million and $ 1.5 million, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and are stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification and Accounting Standards Updates, or ASUs, of the Financial Accounting Standards Board, or FASB. All intercompany balances and transactions have been eliminated in consolidation. |
Initial Public Offering | Initial Public Offering In June 2021 the Company completed its initial public offering, or IPO, and issued an aggregate of 11,700,000 shares of common stock at a price to the public of $ 19.00 per share. The Company received aggregate net proceeds from the IPO of $ 203.6 million, after deducting underwriting discounts and commissions of $ 15.6 million and offering costs of $ 3.1 million. In connection with the IPO, the Company granted the underwriters a 30-day option to purchase an additional 1,755,000 shares. In July 2021, the underwriters exercised the option in full and the Company issued 1,755,000 shares of common stock for aggregate net proceeds of $ 31.0 million after deducting underwriter discounts and commissions of $ 2.3 million. Immediately prior to consummation of the IPO, all outstanding shares of the Company's Series A, Series A-2, Series B and Series C convertible preferred stock were converted into 31,068,102 shares of common stock. The Company's common stock began trading on the Nasdaq Global Select Market on June 24, 2021 under the symbol “GLUE”. |
Liquidity Consideration | Liquidity considerations Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of convertible preferred shares and public offerings of the Company's common stock. The Company’s continued discovery and development of its product candidates 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 and infrastructure and extensive compliance-reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. As of June 30, 2022, the Company had an accumulated deficit of $ 172.4 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $ 50.4 million and $ 30.7 million for the six months ended June 30, 2022 and 2021, respectively. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to develop its product candidates. The Company currently expects that its cash, cash equivalents, and marketable securities of $ 294.1 million as of June 30, 2022 will be sufficient to fund operating expenses and capital requirements for at least 12 months from the date the condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future discovery research, pre-clinical and clinical activities. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although it has been successful in raising capital in the past, there is no assurance that the Company will be successful in obtaining such additional financing on terms acceptable to it, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect the Company’s business prospects, even the ability to continue operations. |
Unaudited Financial Information | Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with accounting principles generally accepted in the United States of America, or GAAP, and pursuant to the rules and regulations of the SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. 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. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements The Company has elected to use the extended transition period for complying with new or revised accounting standards as available under the Jumpstart Our Business Startups Act (JOBS Act). In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging , and Topic 825, Financial Instruments , or ASU 2016-13. The guidance is effective for fiscal years beginning after December 15, 2022. The Company is currently assessing the potential impact of adopting ASU 2016-13 on its financial statements and financial statement disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (i) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 will be effective for the Company beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact adoption of ASU 2020-06 will have on its financial statements and disclosures. Recently adopted accounting pronouncements On January 1, 2022, the Company adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), and its associated amendments using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application and not restating comparative periods. There was no cumulative-effect adjustment recorded to retained earnings upon adoption. Under the standard, a lessee is required to recognize a lease liability and right-of-use (ROU) asset for all leases. The new guidance also modified the classification criteria and requires additional disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. Consistent with current guidance, a lessee’s recognition, measurement, and presentation of expenses and cash flows arising from a lease continues to depend primarily on its classification. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical lease classification, its assessment on whether a contract was or contains a lease, and its initial direct costs for any leases that existed prior to January 1, 2022. In addition, the Company elected the following transitional practical expedients: (1) the short-term lease exception and (2) to not separate its non-lease components for its real estate, vehicle and equipment leases. Upon the adoption of this standard, the Company recorded operating lease right-of-use assets of $ 7.3 million and corresponding operating lease liabilities of $ 7.4 million as of January 1, 2022. The difference between the value of the right-of-use assets and lease liabilities is due to the reclassification of existing deferred rent as of January 1, 2022. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. This guidance is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASU 2019-12 on January 1, 2022. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured On Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): As of June 30, 2022 Level 1 Level 2 Level 3 Total Current assets Money market funds $ 89,717 $ — $ — $ 89,717 Pension plan assets(1) — 3,748 — 3,748 Corporate debt securities — 102,951 — 102,951 U.S Treasury securities — 87,530 — 87,530 Total assets measured at fair value $ 89,717 $ 194,229 $ — $ 283,946 (1) The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable securities | Marketable securities as of June 30, 2022 consisted of the following : Amortized Unrealized Unrealized Fair Cost Gains Losses Value Description Corporate debt securities $ 103,261 $ — $ ( 310 ) $ 102,951 U.S Treasury securities 87,723 — ( 193 ) 87,530 Total $ 190,984 $ — $ ( 503 ) $ 190,481 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 16,213 $ 12,315 Computer hardware and software $ 484 443 Furniture and fixtures 299 299 Leasehold improvements 1,119 1,119 Construction in process 1,258 852 Total property and equipment, at cost $ 19,373 $ 15,028 Less: accumulated depreciation ( 4,168 ) ( 2,703 ) Property and equipment, net $ 15,205 $ 12,325 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Expense | The components of lease expense for the six months ended June 30, 2022 are as follows (in thousands): Six months ended June 30, 2022 Operating lease expense $ 2,703 Variable lease expense 617 Total lease expense $ 3,320 |
Schedule of Lease Terms and Discount Rate | The weighted average remaining lease term and discount rate related to the Company's leases are as follows: June 30, 2022 Weighted average remaining lease term (years) 9.8 Weighted average discount rate 9.7 % |
Schedule Of Supplemental Cash Flow Information Related To Leases | Supplemental cash flow information relating to the Company's leases for the six months ended June 30, 2022 are as follows (in thousands): Six months ended June 30, 2022 Right-of-use assets obtained in exchange for operating lease obligations $ 48,488 Cash paid for amounts included in the measurement of lease liabilities $ 712 |
Schedule of Future Minimum Payments Under Non -cancelable Operating Leases | Future minimum lease payments under non-cancelable leases as of June 30, 2022 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments Remaining 2022 $ 1,546 2023 8,162 2024 8,398 2025 8,642 2026 7,145 Thereafter 44,360 Total undiscounted minimum lease payments 78,253 Less: Imputed interest ( 29,496 ) Total operating lease liability $ 48,757 |
Schedule of Future Minimum Rental Payments for Operating Leases under non-cancelable | The future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows: 2022 $ 3,160 2023 8,353 2024 8,583 2025 8,820 2026 7,298 Thereafter 44,360 Total future minimum lease payments $ 80,574 |
Common stock (Tables)
Common stock (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Common Stock Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options | As of June 30, 2022 and December 31, 2021, the Company has reserved the following shares of common stock for the vesting of restricted stock and exercise of stock options: June 30, December 31, Options to purchase common stock 7,192,968 5,563,513 Unvested restricted common stock 189,316 258,329 7,382,284 5,821,842 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following summarizes stock option activity: Number of Weighted Weighted Aggregate Outstanding—December 31, 2021 5,563,513 $ 7.92 9.2 $ 70,045 Granted 1,845,375 13.02 — — Exercised ( 79,679 ) 3.12 — — Forfeited ( 136,241 ) 11.00 — — Outstanding—June 30, 2022 7,192,968 $ 9.22 9.0 $ 21,414 Exercisable—June 30, 2022 1,724,556 $ 6.93 8.6 $ 7,589 |
Schedule of Restricted Stock Award Activity | The following summarizes restricted stock activity: Number Weighted Unvested as of December 31, 2021 258,329 $ 0.90 Vested ( 69,013 ) $ 0.78 Unvested as of June 30, 2022 189,316 $ 0.94 |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense is classified as follows (in thousands): Six months ended 2022 2021 Research and development $ 2,593 $ 501 General and administrative 2,531 770 Total stock-based compensation expense $ 5,124 $ 1,271 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three months ended Six months ended 2022 2021 2022 2021 Net loss $ ( 26,469 ) $ ( 18,405 ) $ ( 50,401 ) $ ( 30,681 ) Net loss per share attributable to common stockholders—basic and diluted $ ( 0.57 ) $ ( 3.63 ) $ ( 1.08 ) $ ( 9.03 ) Weighted-average number of common shares used in computing net loss 46,668,369 5,070,554 46,632,279 3,399,174 |
Schedule of Antidilutive Securities Excluded from Earnings Per Share Calculation | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per common share, as their effect is anti-dilutive: June 30, June 30, 2022 2021 Stock options to purchase common stock 7,192,968 5,562,928 Restricted common stock 189,316 422,133 |
Description of Business, Cont_2
Description of Business, Contribution and Exchange, and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 23, 2021 | Jun. 17, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subsidiary Or Equity Method Investee [Line Items] | ||||||||||
Common stock shares issued | 46,873,974 | 46,873,974 | 46,794,295 | |||||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Proceeds from initial public offering, net of underwriting discount | $ 0 | $ 206,739 | ||||||||
Stockholders' equity, reverse stock split | one-for-3.5305 | The Company’s board of directors approved a one-for-3.5305 reverse stock split of its issued and outstanding common stock and stock options and a proportional adjustment to the existing conversion ratios for the Company’s preferred stock effective as of June 17, 2021 | ||||||||
Restricted Cash and Cash Equivalents | $ 294,100 | $ 294,100 | ||||||||
Accumulated deficit | (172,436) | (172,436) | $ (122,035) | |||||||
Net loss | (26,469) | $ (23,932) | $ (18,405) | $ (12,276) | (50,401) | (30,681) | ||||
Cash and cash equivalents at carrying value | $ 357,060 | $ 103,664 | $ 357,060 | $ 103,664 | $ 357,060 | $ 346,071 | ||||
Common Stock | ||||||||||
Subsidiary Or Equity Method Investee [Line Items] | ||||||||||
Stock Issued during period, for conversion of convertible securities | 31,068,102 | |||||||||
IPO | ||||||||||
Subsidiary Or Equity Method Investee [Line Items] | ||||||||||
Common stock shares issued | 1,755,000 | 11,700,000 | 11,700,000 | 11,700,000 | ||||||
Common stock par or stated value per share | $ 19 | $ 19 | ||||||||
Proceeds from issuance of common stock | $ 31,000 | |||||||||
Proceeds from initial public offering, net of underwriting discount | $ 203,600 | |||||||||
Underwriting discount and commission | $ 2,300 | 15,600 | ||||||||
Offering Costs | $ 3,100 |
Summary of significant accoun_3
Summary of significant accounting policies (Additional Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | |||
Operating lease right-of-use assets | $ 47,102 | $ 7,300 | $ 0 |
Operating lease liability | $ 7,400 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Liabilities Measured on Recurring Basis (Details) $ in Thousands | Jun. 30, 2022 USD ($) | |
Current assets | ||
Total assets measured at fair value | $ 283,946 | |
Level 1 | ||
Current assets | ||
Total assets measured at fair value | 89,717 | |
Level 2 | ||
Current assets | ||
Total assets measured at fair value | 194,229 | |
Level 3 | ||
Current assets | ||
Total assets measured at fair value | 0 | |
Corporate Debt Securities | ||
Current assets | ||
Total assets measured at fair value | 102,951 | |
Corporate Debt Securities | Level 1 | ||
Current assets | ||
Total assets measured at fair value | ||
Corporate Debt Securities | Level 2 | ||
Current assets | ||
Total assets measured at fair value | 102,951 | |
Corporate Debt Securities | Level 3 | ||
Current assets | ||
Total assets measured at fair value | ||
US Treasury Securities | ||
Current assets | ||
Total assets measured at fair value | 87,530 | |
US Treasury Securities | Level 1 | ||
Current assets | ||
Total assets measured at fair value | ||
US Treasury Securities | Level 2 | ||
Current assets | ||
Total assets measured at fair value | 87,530 | |
US Treasury Securities | Level 3 | ||
Current assets | ||
Total assets measured at fair value | ||
Money Market Funds | ||
Current assets | ||
Total assets measured at fair value | 89,717 | |
Money Market Funds | Level 1 | ||
Current assets | ||
Total assets measured at fair value | 89,717 | |
Money Market Funds | Level 2 | ||
Current assets | ||
Total assets measured at fair value | 0 | |
Money Market Funds | Level 3 | ||
Current assets | ||
Total assets measured at fair value | 0 | |
Pension Plan Assets | ||
Current assets | ||
Total assets measured at fair value | 3,748 | [1] |
Pension Plan Assets | Level 1 | ||
Current assets | ||
Total assets measured at fair value | 0 | [1] |
Pension Plan Assets | Level 2 | ||
Current assets | ||
Total assets measured at fair value | 3,748 | [1] |
Pension Plan Assets | Level 3 | ||
Current assets | ||
Total assets measured at fair value | $ 0 | [1] |
[1] The fair value of pension plan assets has been determined as the surrender value of the portfolio of active insured members held within the Swiss Life Collective BVG Foundation collective investment fund. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Measure at fair value, transfers among Level 1, Level 2 or Level 3 | $ 0 | $ 0 |
Marketable Securities (Addition
Marketable Securities (Additional Information) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) Security | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-Sale, Unrealized Loss Position | $ | $ 127.7 |
Number of marketable securities held | Security | 30 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable securities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 190,984 |
Unrealized Gains | 0 |
Unrealized Losses | (503) |
Fair Value | 190,481 |
US Treasury Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 87,723 |
Unrealized Gains | 0 |
Unrealized Losses | (193) |
Fair Value | 87,530 |
Corporate Debt Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 103,261 |
Unrealized Gains | 0 |
Unrealized Losses | (310) |
Fair Value | $ 102,951 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 19,373 | $ 15,028 |
Less: accumulated depreciation | (4,168) | (2,703) |
Property and equipment, net | 15,205 | 12,325 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 16,213 | 12,315 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 484 | 443 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 299 | 299 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | 1,119 | 1,119 |
Construction in process | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, at cost | $ 1,258 | $ 852 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 800 | $ 400 | $ 1,642 | $ 741 |
Leases (Additional Information)
Leases (Additional Information) (Details) | 6 Months Ended | |||
Dec. 14, 2021 USD ($) ft² | Jun. 30, 2022 USD ($) | Jan. 01, 2021 ft² | Jan. 01, 2020 ft² | |
Lessee, Lease, Description [Line Items] | ||||
Finance Lease | $ 0 | |||
Short-Term Lease | 0 | |||
Amortization of the ROU assets | $ 1,400,000 | |||
Lease expiration date | Mar. 31, 2026 | |||
645 Summer Street [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Land Subject to Ground Leases | ft² | 16,748 | |||
Hochbergerstrasse [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Land Subject to Ground Leases | ft² | 21,422 | |||
Harrison Street [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Land Subject to Ground Leases | ft² | 63,327 | |||
Lease commencement date | Apr. 01, 2022 | |||
Initial lease term | 128 months | |||
Renewal term | 5 years | |||
Lease annual base rent per square foot | $ 95 | |||
Increase in annual base rent (Percentage) | 3% |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 2,703 |
Variable lease expense | 617 |
Total lease expense | $ 3,320 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rate (Details) | Jun. 30, 2022 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 9 years 9 months 18 days |
Weighted average discount rate | 9.70% |
Leases - Schedule Of Supplement
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases [Abstract] | |
Right-of-use assets obtained in exchange for operating lease obligations | $ 48,488 |
Cash paid for amounts included in the measurement of lease liabilities | $ 712 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Non -cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total operating lease liability | $ 7,400 | |
Non-cancelable leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining 2022 | $ 1,546 | |
2023 | 8,162 | |
2024 | 8,398 | |
2025 | 8,642 | |
2026 | 7,145 | |
Thereafter | 44,360 | |
Total undiscounted minimum lease payments | 78,253 | |
Less: Imputed interest | (29,496) | |
Total operating lease liability | $ 48,757 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Payments for Operating Leases under non-cancelable (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
2022 | $ 3,160 |
2023 | 8,353 |
2024 | 8,583 |
2025 | 8,820 |
2026 | 7,298 |
Thereafter | 44,360 |
Total future minimum lease payments | $ 80,574 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | ||
Payments of stock issuance costs | $ 0 | $ 231 |
Common stock (Additional Inform
Common stock (Additional Information) (Details) | 6 Months Ended | ||
Jun. 17, 2021 | Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 shares | |
Class of Stock [Line Items] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock shares issued | 46,873,974 | 46,794,295 | |
Stock Split Conversion Ratio | 1 | ||
Common stock shares outstanding | 46,684,658 | 46,535,966 | |
Dividends declared | $ | $ 0 | ||
Dividends paid | $ | $ 0 | ||
Common stock, voting rights | one | ||
Restricted Stock | |||
Class of Stock [Line Items] | |||
Vesting term | 4 years |
Common stock - Schedule of Comm
Common stock - Schedule of Common Stock for Potential Conversion Outstanding Preferred Stock (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 7,382,284 | 5,821,842 |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 7,192,968 | 5,563,513 |
Restricted Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 189,316 | 258,329 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jan. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 7,382,284 | 5,821,842 | |
Common stock, shares, issued | 46,873,974 | 46,794,295 | |
Aggregate fair value of restricted stock vested | $ 0.9 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant date fair value, vested | $ 0.78 | ||
Unrecognized stock based compensation cost | $ 0.2 | ||
Expected remaining cost, weighted average period | 1 year 4 months 24 days | ||
Unvested Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized stock based compensation cost | $ 35.5 | ||
Expected remaining cost, weighted average period | 2 years 10 months 24 days | ||
2021 Stock Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 4,903,145 | ||
Increase in share percentage | 5% | ||
Number of share increase | 2,326,798 | ||
Shares Issued | 4,198,022 | 3,658,193 | |
2021 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 439,849 | ||
Increase in share percentage | 1% | ||
Number of share increase | 439,849 | ||
Shares Issued | 879,698 | ||
Common stock, shares, issued | 439,849 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | ||
Number of options, beginning balance | shares | 5,563,513 | |
Number of options, granted | shares | 1,845,375 | |
Number of options, exercised | shares | (79,679) | |
Number of options, forfeited | shares | (136,241) | |
Number of options, ending balance | shares | 7,192,968 | 5,563,513 |
Number of options, exercisable | shares | 1,724,556 | |
Weighted average exercise price, beginning balance | $ / shares | $ 7.92 | |
Weighted average exercise price, granted | $ / shares | 13.02 | |
Weighted average exercise price, exercised | $ / shares | 3.12 | |
Weighted average exercise price, forfeited | $ / shares | 11 | |
Weighted average exercise price, ending balance | $ / shares | 9.22 | $ 7.92 |
Weighted average exercise price, exercisable | $ / shares | $ 6.93 | |
Weighted average remaining contractual term (years), balance | 9 years | 9 years 2 months 12 days |
Weighted average remaining contractual term (years), exercisable | 8 years 7 months 6 days | |
Aggregate intrinsic value, beginning balance | $ | $ 70,045 | |
Aggregate intrinsic value, ending balance | $ | 21,414 | $ 70,045 |
Aggregate intrinsic value, exercisable | $ | $ 7,589 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of shares, Unvested, beginning balance | shares | 258,329 |
Number of shares, Vested | shares | (69,013) |
Number of shares, Unvested, ending balance | shares | 189,316 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 0.90 |
Weighted average grant date fair value, vested | $ / shares | 0.78 |
Weighted average grant date fair value, ending balance | $ / shares | $ 0.94 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 5,124 | $ 1,271 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,593 | 501 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,531 | $ 770 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision or benefit for income tax | $ 0 | $ 0 |
Net Loss Per Share (Schedule of
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 | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (26,469) | $ (23,932) | $ (18,405) | $ (12,276) | $ (50,401) | $ (30,681) |
Net loss per share attributable to common stockholders-basic | $ (0.57) | $ (3.63) | $ (1.08) | $ (9.03) | ||
Net loss per share attributable to common stockholders-diluted | $ (0.57) | $ (3.63) | $ (1.08) | $ (9.03) | ||
Weighted-average number of common shares used in computing net loss per share-basic | 46,668,369 | 5,070,554 | 46,632,279 | 3,399,174 | ||
Weighted-average number of common shares used in computing net loss per share-diluted | 46,668,369 | 5,070,554 | 46,632,279 | 3,399,174 |
Net Loss Per Share (Schedule _2
Net Loss Per Share (Schedule of Anti-Dilutive Shares Excluded from Earnings Per Share Calculation) (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 7,192,968 | 5,562,928 |
Restricted Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 189,316 | 422,133 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Research and development | $ 20,936 | $ 14,637 | $ 38,851 | $ 23,910 |
General and administrative expense | $ 6,295 | 3,486 | $ 12,682 | 5,717 |
Ridgeline | ||||
Related Party Transaction [Line Items] | ||||
Research and development | 2,600 | 7,300 | ||
Accounts payable | $ 500 | $ 500 |
Employee Retirement Plan - Addi
Employee Retirement Plan - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Defined benefit plan expenses | $ 0.2 | $ 0.1 | $ 0.4 | $ 0.2 |
Percentage of company's matching contribution with respect to each participant's contribution | 4% | |||
Company matching contributions to maximum employees eligible compensation | 100% | |||
Total company contributions to 401 (k) plan | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Lease termination, description | The Company may terminate the lease as of any date between February 1, 2023 and June 1, 2023 upon providing 90 days prior notice of such date. | |||
Operating lease right-of-use assets | $ 47,102 | $ 7,300 | $ 0 | |
Operating lease liability | $ 7,400 | |||
Decrease in operating lease liability | (70) | |||
645 Summer Street [Member] | ||||
Subsequent Event [Line Items] | ||||
Operating lease right-of-use assets | 5,100 | |||
Operating lease liability | 5,200 | |||
Increase Decrease in Operating Lease Right of Use Asset and Liability | 3,700 | |||
Decrease in operating lease right of use asset | 1,400 | |||
Decrease in operating lease liability | $ 1,500 |