Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | TENAYA THERAPEUTICS, INC. | |
Entity Central Index Key | 0001858848 | |
Entity File Number | 001-40656 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-3789973 | |
Entity Address, Address Line One | 171 Oyster Point Boulevard | |
Entity Address, Address Line Two | 5th Floor | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 825-6900 | |
Current Fiscal Year End Date | --12-31 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | TNYA | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 41,281,210 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 117,077 | $ 128,535 |
Investments in marketable securities | 163,388 | |
Prepaid expenses and other current assets | 4,357 | 1,429 |
Total current assets | 284,822 | 129,964 |
Property and equipment, net | 30,891 | 17,185 |
Operating lease right-of-use assets | 12,006 | |
Restricted cash, non-current | 547 | 547 |
Other non-current assets | 3,528 | 465 |
Total assets | 331,794 | 148,161 |
Current liabilities: | ||
Accounts payable | 6,171 | 1,017 |
Accrued expenses and other current liabilities | 5,607 | 3,161 |
Deferred rent and other lease liabilities, current | 863 | |
Operating lease liabilities, current | 1,914 | |
Total current liabilities | 13,692 | 5,041 |
Deferred rent and other lease liabilities, non-current | 3,662 | |
Operating lease liabilities, non-current | 14,307 | |
Other non-current liabilities | 96 | 19 |
Total liabilities | 28,095 | 8,722 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock | 220,754 | |
Stockholders’ equity (deficit): | ||
Common stock | 4 | |
Additional paid-in capital | 433,112 | 1,584 |
Notes receivable from stockholders | (12) | (87) |
Accumulated other comprehensive loss | (23) | |
Accumulated deficit | (129,382) | (82,812) |
Total stockholders’ equity (deficit) | 303,699 | (81,315) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 331,794 | $ 148,161 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 12,944,000 | $ 8,480,000 | $ 33,440,000 | $ 22,735,000 |
General and administrative | 5,356,000 | 1,972,000 | 13,202,000 | 5,855,000 |
Total operating expenses | 18,300,000 | 10,452,000 | 46,642,000 | 28,590,000 |
Loss from operations | (18,300,000) | (10,452,000) | (46,642,000) | (28,590,000) |
Other income (expense), net: | ||||
Interest income | 23,000 | 7,000 | 41,000 | 82,000 |
Change in fair value of convertible preferred stock tranche liability | 151,000 | 75,000 | ||
Other income (expense), net | 15,000 | (1,000) | 31,000 | 356,000 |
Total other income (expense), net | 38,000 | 157,000 | 72,000 | 513,000 |
Net loss before income tax expense | (18,262,000) | (10,295,000) | (46,570,000) | (28,077,000) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | (18,262,000) | (10,295,000) | (46,570,000) | (28,077,000) |
Other comprehensive loss: | ||||
Unrealized loss on marketable securities | (23,000) | (23,000) | ||
Comprehensive loss | $ (18,285,000) | $ (10,295,000) | $ (46,593,000) | $ (28,077,000) |
Net loss per share, basic and diluted | $ (0.68) | $ (10.29) | $ (4.75) | $ (29.65) |
Weighted-average shares used in computing net loss per share, basic and diluted | 26,895,716 | 1,000,052 | 9,808,162 | 947,009 |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series C Convertible Preferred Stock | Series B Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Notes Receivable from Stockholders | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Temporary equity balance, shares at Dec. 31, 2019 | 11,403,077 | ||||||||
Temporary equity, balance at Dec. 31, 2019 | $ 73,042 | ||||||||
Balance, shares at Dec. 31, 2019 | 1,193,488 | ||||||||
Balance at Dec. 31, 2019 | $ (43,739) | $ 764 | $ (86) | $ (44,417) | |||||
Issuance of convertible preferred stock, net of issuance costs | $ 30,671 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 3,086,415 | ||||||||
Issuance of common stock upon exercise of stock options | 3 | 3 | |||||||
Issuance of common stock upon exercise of stock options, shares | 3,333 | ||||||||
Repurchase of common stock related to early exercise of options, shares | (612) | ||||||||
Vesting of early exercised stock options | 11 | 11 | |||||||
Notes receivable from stockholders | 1 | 1 | |||||||
Stock-based compensation | 154 | 154 | |||||||
Net loss | (9,051) | (9,051) | |||||||
Balance at Mar. 31, 2020 | (52,621) | 932 | (85) | (53,468) | |||||
Temporary equity balance, shares at Mar. 31, 2020 | 14,489,492 | ||||||||
Temporary equity, balance at Mar. 31, 2020 | $ 103,713 | ||||||||
Balance, shares at Mar. 31, 2020 | 1,196,209 | ||||||||
Temporary equity balance, shares at Dec. 31, 2019 | 11,403,077 | ||||||||
Temporary equity, balance at Dec. 31, 2019 | $ 73,042 | ||||||||
Balance, shares at Dec. 31, 2019 | 1,193,488 | ||||||||
Balance at Dec. 31, 2019 | (43,739) | 764 | (86) | (44,417) | |||||
Net loss | (28,077) | ||||||||
Balance at Sep. 30, 2020 | (71,228) | 1,351 | (85) | (72,494) | |||||
Temporary equity balance, shares at Sep. 30, 2020 | 17,575,907 | ||||||||
Temporary equity, balance at Sep. 30, 2020 | $ 135,037 | ||||||||
Balance, shares at Sep. 30, 2020 | 1,202,169 | ||||||||
Temporary equity balance, shares at Mar. 31, 2020 | 14,489,492 | ||||||||
Temporary equity, balance at Mar. 31, 2020 | $ 103,713 | ||||||||
Balance, shares at Mar. 31, 2020 | 1,196,209 | ||||||||
Balance at Mar. 31, 2020 | (52,621) | 932 | (85) | (53,468) | |||||
Issuance of common stock upon exercise of stock options | 2 | 2 | |||||||
Issuance of common stock upon exercise of stock options, shares | 1,793 | ||||||||
Vesting of early exercised stock options | 11 | 11 | |||||||
Stock-based compensation | 185 | 185 | |||||||
Net loss | (8,731) | (8,731) | |||||||
Balance at Jun. 30, 2020 | (61,154) | 1,130 | (85) | (62,199) | |||||
Temporary equity balance, shares at Jun. 30, 2020 | 14,489,492 | ||||||||
Temporary equity, balance at Jun. 30, 2020 | $ 103,713 | ||||||||
Balance, shares at Jun. 30, 2020 | 1,198,002 | ||||||||
Issuance of convertible preferred stock, net of issuance costs | $ 31,324 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 3,086,415 | ||||||||
Issuance of common stock upon exercise of stock options | 12 | 12 | |||||||
Issuance of common stock upon exercise of stock options, shares | 4,583 | ||||||||
Repurchase of common stock related to early exercise of options, shares | (416) | ||||||||
Vesting of early exercised stock options | 11 | 11 | |||||||
Stock-based compensation | 198 | 198 | |||||||
Net loss | (10,295) | (10,295) | |||||||
Balance at Sep. 30, 2020 | $ (71,228) | 1,351 | (85) | (72,494) | |||||
Temporary equity balance, shares at Sep. 30, 2020 | 17,575,907 | ||||||||
Temporary equity, balance at Sep. 30, 2020 | $ 135,037 | ||||||||
Balance, shares at Sep. 30, 2020 | 1,202,169 | ||||||||
Temporary equity balance, shares at Dec. 31, 2020 | 24,493,528 | 24,493,528 | 6,917,621 | 9,259,245 | |||||
Temporary equity, balance at Dec. 31, 2020 | $ 220,754 | $ 220,754 | $ 85,717 | $ 91,644 | |||||
Balance, shares at Dec. 31, 2020 | 1,210,306 | ||||||||
Balance at Dec. 31, 2020 | (81,315) | 1,584 | (87) | (82,812) | |||||
Issuance of convertible preferred stock, net of issuance costs | $ 19,981 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 1,608,750 | ||||||||
Issuance of common stock upon exercise of stock options | 29 | 29 | |||||||
Issuance of common stock upon exercise of stock options, shares | 12,508 | ||||||||
Repurchase of common stock related to early exercise of options, shares | (365) | ||||||||
Vesting of early exercised stock options | 9 | 9 | |||||||
Stock-based compensation | 432 | 432 | |||||||
Net loss | (13,098) | (13,098) | |||||||
Balance at Mar. 31, 2021 | $ (93,943) | 2,054 | (87) | (95,910) | |||||
Temporary equity balance, shares at Mar. 31, 2021 | 26,102,278 | ||||||||
Temporary equity, balance at Mar. 31, 2021 | $ 240,735 | ||||||||
Balance, shares at Mar. 31, 2021 | 1,222,449 | ||||||||
Temporary equity balance, shares at Dec. 31, 2020 | 24,493,528 | 24,493,528 | 6,917,621 | 9,259,245 | |||||
Temporary equity, balance at Dec. 31, 2020 | $ 220,754 | $ 220,754 | $ 85,717 | $ 91,644 | |||||
Balance, shares at Dec. 31, 2020 | 1,210,306 | ||||||||
Balance at Dec. 31, 2020 | (81,315) | 1,584 | (87) | (82,812) | |||||
Net loss | (46,570) | ||||||||
Balance at Sep. 30, 2021 | 303,699 | $ 4 | 433,112 | (12) | $ (23) | (129,382) | |||
Balance, shares at Sep. 30, 2021 | 41,280,402 | ||||||||
Temporary equity balance, shares at Mar. 31, 2021 | 26,102,278 | ||||||||
Temporary equity, balance at Mar. 31, 2021 | $ 240,735 | ||||||||
Balance, shares at Mar. 31, 2021 | 1,222,449 | ||||||||
Balance at Mar. 31, 2021 | (93,943) | 2,054 | (87) | (95,910) | |||||
Issuance of common stock upon exercise of stock options | 31 | 31 | |||||||
Issuance of common stock upon exercise of stock options, shares | 12,173 | ||||||||
Repurchase of common stock related to early exercise of options, shares | (11,980) | ||||||||
Vesting of early exercised stock options | 9 | 9 | |||||||
Notes receivable from stockholders | 75 | 75 | |||||||
Stock-based compensation | 502 | 502 | |||||||
Net loss | (15,210) | (15,210) | |||||||
Balance at Jun. 30, 2021 | (108,536) | 2,596 | (12) | (111,120) | |||||
Temporary equity balance, shares at Jun. 30, 2021 | 26,102,278 | ||||||||
Temporary equity, balance at Jun. 30, 2021 | $ 240,735 | ||||||||
Balance, shares at Jun. 30, 2021 | 1,222,642 | ||||||||
Temporary equity, Conversion of convertible preferred stock to common stock upon completion of initial public offering | $ (240,735) | ||||||||
Temporary equity, Conversion of convertible preferred stock to common stock upon completion of initial public offering, shares | (26,102,278) | ||||||||
Conversion of convertible preferred stock to common stock upon completion of initial public offering, shares | 26,102,278 | ||||||||
Conversion of convertible preferred stock to common stock upon completion of initial public offering | 240,735 | $ 3 | 240,732 | ||||||
Issuance of common stock upon initial public offering, net of issuance costs | 188,541 | $ 1 | 188,540 | ||||||
Issuance of common stock upon initial public offering, net of issuance costs, shares | 13,800,000 | ||||||||
Issuance of common stock upon exercise of stock options | 268 | 268 | |||||||
Issuance of common stock upon exercise of stock options, shares | 160,096 | ||||||||
Repurchase of common stock related to early exercise of options, shares | (4,614) | ||||||||
Vesting of early exercised stock options | 8 | 8 | |||||||
Stock-based compensation | 968 | 968 | |||||||
Other comprehensive loss | (23) | (23) | |||||||
Net loss | (18,262) | (18,262) | |||||||
Balance at Sep. 30, 2021 | $ 303,699 | $ 4 | $ 433,112 | $ (12) | $ (23) | $ (129,382) | |||
Balance, shares at Sep. 30, 2021 | 41,280,402 |
Condensed Statements of Conve_2
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Initial Public Offering | ||||
Stock issuance costs | $ 18,459 | |||
Series C Convertible Preferred Stock | ||||
Stock issuance costs | $ 20 | |||
Series B Convertible Preferred Stock | ||||
Stock issuance costs | $ 26 | $ 23 | ||
Partial settlement of stock, tranche liability | $ 684 | $ 27 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (46,570) | $ (28,077) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,170 | 1,825 |
Amortization of premium on marketable securities | 6 | |
Stock-based compensation | 1,902 | 537 |
Loss on disposal of property and equipment | 4 | 35 |
Non-cash operating lease expense | 743 | |
Change in fair value of convertible preferred stock tranche liability | (75) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (3,029) | 304 |
Other non-current assets | (3,063) | (168) |
Accounts payable | 2,518 | 527 |
Accrued expenses and other current liabilities | 1,729 | 642 |
Deferred rent and other lease liabilities | (572) | |
Operating lease liabilities | (952) | |
Other non-current liabilities | 77 | (24) |
Net cash used in operating activities | (44,465) | (25,046) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (12,567) | (1,586) |
Purchases of marketable securities | (163,417) | |
Proceeds from maturities of marketable securities | 2,753 | |
Net cash (used in) provided by investing activities | (175,984) | 1,167 |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of issuance costs | 188,605 | |
Proceeds from exercise of stock options | 343 | 17 |
Repurchases of common stock | (13) | (1) |
Proceeds from repayments on notes receivable from stockholders | 75 | |
Net cash provided by financing activities | 208,991 | 61,344 |
Net change in cash, cash equivalents and restricted cash | (11,458) | 37,465 |
Cash and cash equivalents and restricted cash at beginning of period | 129,082 | 24,271 |
Cash and cash equivalents and restricted cash at end of period | 117,624 | 61,736 |
Components of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 117,077 | 61,337 |
Restricted cash, non-current | 547 | 399 |
Cash, cash equivalents and restricted cash | 117,624 | 61,736 |
Supplemental disclosure of cash operating activities: | ||
Cash paid for leases included in operating cash outflows | 4,423 | |
Supplemental disclosure of non-cash operating activities: | ||
Lease liability obtained in exchange for right-of-use asset | 8,558 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Conversion of convertible preferred stock to common stock upon completion of initial public offering | 220,754 | |
Offering costs related to initial public offering included in accounts payable and accrued expenses and other current liabilities | 64 | |
Property and equipment included in accounts payable and accrued expenses and other current liabilities | 3,677 | |
Series B Convertible Preferred Stock | ||
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 61,328 | |
Supplemental disclosure of non-cash investing and financing activities: | ||
Settlement of convertible preferred stock tranche liability in connection with the issuance of Series B convertible preferred stock | 711 | |
Offering costs related to Series B convertible preferred stock in accrued expenses and other current liabilities | $ 44 | |
Series C Convertible Preferred Stock | ||
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 19,981 |
Organization and Description of
Organization and Description of the Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of the Business | 1. Organization and Description of the Business Description of the Business Tenaya Therapeutics, Inc. (the “Company”) was incorporated in the state of Delaware in August 2016 and is headquartered in South San Francisco, California. The Company is a preclinical stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease. The Company is advancing product candidates from three distinct but interrelated product platforms: gene therapy, cellular regeneration and precision medicine. Reverse Stock Split In July 2021, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock, convertible preferred stock, and authorized shares on a 1-for-6 basis (the “Reverse Stock Split”) effective on July 23, 2021. The par value of the common stock and convertible preferred stock was not adjusted as a result of the Reverse Stock Split. All share data, per share data and related information for all periods presented in the accompanying condensed financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split. Initial Public Offering On August 3, 2021, the Company completed its initial public offering (“IPO”), at which time the Company issued an aggregate of 13,800,000 shares of its common stock (inclusive of 1,800,000 shares pursuant to the underwriters’ overallotment option) at a price of $15.00 per share. The Company received net proceeds of $188.5 million, after deducting underwriting discounts and commissions of $14.5 million and other offering expenses of $4.0 million. Immediately prior to the completion of the IPO, all of the Company’s outstanding shares of convertible preferred stock automatically converted into 26,102,278 shares of common stock. Liquidity The Company has incurred net losses since inception and expects such losses to continue in the future as it conducts research and development activities. As of September 30, 2021, the Company had an accumulated deficit of $129.4 million. The Company incurred a net loss of $46.6 million and $28.1 million during the nine months ended September 30, 2021 and 2020. The Company had $280.5 million of cash, cash equivalents and investments in marketable securities as of September 30, 2021. Management recognizes the need to raise additional capital to fully implement its business plan. The Company may seek to raise capital through equity financings, debt financings, license agreements, collaborative agreements or other sources of financing. Management believes that its existing cash, cash equivalents and investments in marketable securities as of September 30, 2021 will be sufficient to fund the Company’s operations for at least the next twelve months following the date these condensed financial statements are filed with the Securities and Exchange Commission (“SEC”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of September 30, 2021, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) for the three and months ended September 30, 2021 and 2020 and the interim condensed statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three and months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the prospectus dated July 29 , 20 2 1 , that forms a part of the Company's Registration Statements on Form S-1 (File Nos. 333-2 5 7820 and 333-2 58285 ), as filed with the SEC pursuant to Rule 424 promulgated under the Securities Act of 1933, as amended . Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, the fair value of common stock, the valuation of equity-based awards, the useful lives of property and equipment, the fair value of the convertible preferred stock tranche liability, accrued expenses related to research and development activities and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds, commercial paper and U.S. government agencies bonds that are stated at fair value. Marketable Securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. There are no material realized gains or losses on marketable securities for all periods presented. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred. Asset Retirement Obligation The Company records asset retirement obligations (“AROs”) for the estimated cost of removing constructed leasehold improvement assets and restoring the leased premises back to their original condition, at the time when the contractual obligations are incurred. AROs represent the present value of the expected costs for the related restoration activities. The ARO assets and liabilities are recorded in property, plant and equipment and other long-term liabilities, respectively, in the Company’s balance sheets. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated leasehold improvements. Accretion expense is recorded as operating expense in the statements of operations using an accretion rate based on the credit adjusted risk-free interest rate. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options and restricted stock that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses. Recently Adopted Accounting Standards On January 1, 2021, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. The Company elected to not separate non-lease components from the associated lease components and to not recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Upon adoption of ASC 842, the Company recorded an operating right-of-use asset of $4.6 million, operating lease liabilities of $9.1 million and derecognized deferred rent and other lease liabilities of $4.5 million. Results for the nine months ended September 30, 2021 are presented under ASC 842. Prior period amounts before January 1, 2021 have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which replaces the existing incurred loss impairment model with an expected credit loss model In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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) (“ASU 2020-06”), which is intended to simplify the accounting for convertible debt instruments and convertible preferred stock. This standard removes the existing guidance in ASC 470-20 that requires companies to account for cash conversion features and beneficial conversion features in equity, separately from the host convertible debt or preferred stock. As an emerging growth company, ASU 2020-06 is effective for the Company beginning January 1, 2024. The Company currently does not expect the adoption of this standard to have a material impact on its financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial assets and liabilities are recognized at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: September 30, 2021 Valuation Hierarchy Amortized Cost Unrealized Gain Unrealized Loss Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 68,815 $ — $ — $ 68,815 Commercial paper Level 2 44,246 — — 44,246 Government agencies bonds Level 2 3,015 — — 3,015 Marketable securities: U.S. treasuries Level 1 40,677 — (9 ) 40,668 Commercial paper Level 2 109,095 3 (12 ) 109,086 Corporate bonds Level 2 9,036 — (4 ) 9,032 Government agencies bonds Level 2 4,603 — (1 ) 4,602 Total financial assets $ 279,487 $ 3 $ (26 ) $ 279,464 December 31, 2020 Valuation Hierarchy Amortized Cost Unrealized Gain Unrealized Loss Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 127,535 $ — $ — $ 127,535 Total financial assets $ 127,535 $ — $ — $ 127,535 Money market funds are classified as Level 1 because they are valued using quoted market prices in active markets for identical assets. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on observable inputs or can be derived from non-binding quotes from the Company’s investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company considers the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company believes it is more likely than not that its marketable securities in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. All available-for-sale marketable securities held as of September 30, 2021 are short-term investments with contractual maturities of less than one year. Convertible Preferred Stock Tranche Liability The Company’s convertible preferred stock tranche liability (see Note 7) was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. Fair value was calculated using an option pricing model that required significant unobservable inputs supported by little or no market activity. The convertible preferred stock tranche liability is considered a non-contingent forward and the standard forward pricing model was used with the following key assumptions: (a) calculation of an expected term and (b) a risk-free interest rate The following table summarizes the significant unobservable assumptions used to value the convertible preferred stock tranche liability as of the settlement date of August 24, 2020: August 24, 2020 Term to valuation date (in years) 0.00 Discount rate 5.0% The following table summarizes the changes in the estimated fair value of the Company’s convertible preferred stock tranche liability measured on a recurring basis using significant Level 3 inputs: Nine Months Ended September 30, 2020 (In thousands) Beginning balance $ 786 Change in fair value upon remeasurement (75 ) Settlement of convertible preferred stock tranche liability on second and third closings of the Series B convertible preferred stock (711 ) Ending balance $ — |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4 . Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: September 30, 2021 December 31, 2020 (In thousands) Construction in progress $ 21,895 $ 7,678 Laboratory equipment 9,806 8,182 Leasehold improvements 7,242 7,237 Furniture and fixtures 534 534 Computer equipment and software 272 257 Total property and equipment $ 39,749 $ 23,888 Less: accumulated depreciation and amortization (8,858 ) (6,703 ) Total property and equipment, net $ 30,891 $ 17,185 Depreciation and amortization expense for the three months ended September 30, 2021 and 2020 was $0.7 million and $0.6 million, respectively. Depreciation and amortization expense for the nine months ended September 30, 2021 and 2020 was $2.2 million and $1.8 million, respectively. Construction in progress primarily consists of capitalized machinery and equipment that is expected to be placed in service in the Company’s manufacturing and office space located in Union City, California (see Note 6). Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (In thousands) Accrued compensation and related expenses $ 2,663 $ 2,090 Accrued research and development expenses 1,043 391 Accrued property and equipment 972 231 Other current liabilities 514 121 Accrued professional services 415 328 Total accrued expenses and other current liabilities $ 5,607 $ 3,161 |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2021 | |
License Agreements [Abstract] | |
License Agreements | 5. License Agreements Gladstone License Agreement In October 2016, the Company entered into a license agreement with the J. David Gladstone Institute (Gladstone), pursuant to which Gladstone granted the Company a worldwide, royalty-bearing exclusive patent license and a non-exclusive technology license to develop and commercialize certain products for certain diseases (“Gladstone License Agreement”). Pursuant to the Gladstone License Agreement, the Company is obligated, among other things, to pay Gladstone (i) annual license maintenance fees ranging from $25,000 up to $0.1 million per year, which will be creditable against royalties paid in the following twelve month period, (ii) milestone payments up to $4.1 million for royalty-bearing products directed to a particular target, which are contingent upon achieving specific clinical and commercialization milestone events, and (iii) tiered low-single digit royalties on future net sales of each royalty-bearing product. Under the agreement, the Company is subject to diligence requirements to develop and commercialize at least one royalty-bearing product. The Company may pay $50,000 to $100,000 to extend the deadline for its diligence milestone obligations for up to four additional one-year During the three and nine months ended September 30, 2020 and 2021, there were no material amounts recorded related to annual license fees payable pursuant to the Gladstone License Agreement. University of Texas Southwestern License Agreement In January 2020, the Company entered into a license agreement with the University of Texas Southwestern (“UTSW License”), pursuant to which UTSW granted the Company a royalty-bearing exclusive and sublicensable patent license and a non-exclusive, non-sublicensable license for mutually agreed upon development activities. Under the UTSW License, the Company is obligated to pay UTSW (i) a non-refundable upfront license fee of $0.1 million, (ii) milestone payments up to a total of $14.8 million in aggregate, which are contingent upon achieving specific development and commercialization milestone events, and (iii) royalties on future net sales of each royalty-bearing product ranging in the low-single digits. As of September 30, 2021, the Company has not recognized any milestone and royalty payments under the UTSW License. During the three and nine months ended September 30, 2020, the Company recorded research and development expenses of $nil and $0.1 million related to the upfront license fee payable pursuant to the UTSW License. Other License Agreements In addition to the agreements described above, the Company has also entered into other license agreements with various institutions and business entities, none of which are material individually or in the aggregate. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6 . Commitments and Contingencies Facility Leases In December 2016, the Company entered into a lease agreement for office and laboratory space in South San Francisco, California. The lease expires in May 2025 and the Company may renew the lease term for two additional five-year In December 2020, the Company entered into a short-term sublease agreement for additional office and laboratory space in South San Francisco, California that expires on November 30, 2021. In February 2021, the Company entered into a lease agreement for manufacturing and office space located in Union City, California. The lease commenced in May 2021 and has a ten-year five-year On January 1, 2021, the Company adopted ASC 842 and the following disclosures as of and for the three and nine months ended September 30, 2021 are presented under ASC 842. As of September 30, 2021, the remaining weighted-average lease term was 6.8 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 9.5%. For the three months ended September 30, 2021, the Company incurred $1.6 million of lease costs, of which $0.6 million is related to the Company’s short-term lease and $0.4 million is related to variable lease payments. For the three months ended September 30, 2020, the Company incurred $0.6 million in rent expense. For the nine months ended September 30, 2021, the Company incurred $4.2 million of lease costs, of which $1.8 million is related to the Company’s short-term lease and $1.2 million is related to variable lease payments. For the nine months ended September 30, 2020, the Company incurred $1.9 million in rent expense. As of September 30, 2021, the undiscounted future minimum lease payments due under the Company’s non-cancelable operating leases are as follows: Amount (In thousands) 2021 (remaining 3 months) $ 902 2022 3,678 2023 3,792 2024 3,910 2025 2,445 Thereafter 8,291 Total undiscounted future minimum lease payments $ 23,018 Present value adjustment for minimum lease commitments (6,515 ) Tenant improvement receivable (282 ) Total operating lease liabilities $ 16,221 As of December 31, 2020, undiscounted future minimum lease payments due under the Company’s non-cancelable operating lease are as follows: Amount (In thousands) 2021 $ 3,752 2022 2,206 2023 2,283 2024 2,363 2025 999 Total future minimum lease payments $ 11,603 The Company has previously entered into agreements to sublease portions of the Company’s facilities in South San Francisco to two different subtenants, both of which expired as of December 31, 2020. Pursuant to the sublease agreements, the Company received sublease income of $nil and $0.2 million during the three and nine months ended September 30, 2020, which is included in other income (expense), net on the condensed statements of operations and comprehensive loss. Asset Retirement Obligation Under the lease agreement for the manufacturing and office facility in Union City, the Company is contractually obligated to remove constructed leasehold improvements related to capitalized machinery and equipment (see Note 4) and to restore the leased space to its original condition upon termination of the lease agreement. The Company applies the proportionate method to account for the buildup of the asset retirement obligation while leasehold improvements are in progress. As of September 30, 2021, the balance of the asset retirement obligation liability was not material. The Company elected to defer the commencement of accretion of the asset retirement obligation until the underlying construction is completed, on the basis that the financial statement impact from the deferral is immaterial. Purchase Commitments The Company enters into contractual agreements with various suppliers in the normal course of its business, including vendors that provide machinery and equipment. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received through the time of termination. Indemnification In the normal course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amounts of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with its directors and certain officers that may 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. As of September 30, 2021 and December 31, 2020, the Company does not have any material indemnification claims that were probable or reasonably possible and, consequently, has not recorded any related liabilities. |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 7 . Convertible Preferred Stock On August 3, 2021, immediately prior to the completion of the Company’s IPO, all outstanding shares of convertible preferred stock were converted into 26,102,278 shares of the Company’s common stock. Prior to the Company’s IPO, convertible preferred stock as of December 31, 2020 consists of the following: December 31, 2020 Shares Authorized Shares Issued and Outstanding Net Carrying Value Liquidation Preference (In thousands, except share data) Convertible Preferred Stock Series A 8,316,666 8,316,662 $ 43,393 $ 49,900 Series B 9,259,254 9,259,245 91,644 92,000 Series C 8,526,381 6,917,621 85,717 86,000 Total 26,102,301 24,493,528 $ 220,754 $ 227,900 The Company classifies its convertible preferred stock outside of total stockholders’ equity (deficit) because, in the event of certain change of control events that are not solely within the control of the Company (including liquidation, sale or transfer of the Company), the shares would become redeemable at the option of the holders. As a result, the Company classified its convertible preferred stock as mezzanine equity on the balance sheet as the preferred stock is contingently redeemable. Series B Convertible Preferred Stock Financing In August 2019, the Company entered into a Series B preferred stock purchase agreement (“Series B SPA”) for the issuance of up to 9,259,254 shares of the Company’s Series B convertible preferred stock at a purchase price of $9.936 per share in multiple closings. The Company completed the initial closing in August 2019, whereby 3,086,415 shares of Series B convertible preferred stock were issued for gross proceeds of $30.7 million. Pursuant to the Series B SPA, the Company was permitted to sell additional shares in subsequent closings contingent upon the approval of the Company’s board of directors. On issuance, the Company determined that its obligation to issue additional shares of Series B convertible preferred stock in future closings was a freestanding instrument that should be classified as a liability on the Company’s balance sheets. The freestanding financial instrument, or convertible preferred stock tranche liability, was recorded at fair value on issuance of $0.8 million with the remaining proceeds being allocated to the Series B convertible preferred stock. Any changes in fair value of the convertible preferred stock tranche liability in subsequent reporting periods are recognized as a component of other income (expense), net in the statements of operations and comprehensive loss (see Note 3). In March 2020, the Company completed its second closing of Series B convertible preferred stock financing and issued 3,086,415 shares of Series B convertible preferred stock at the fixed purchase price of $9.936 per share for gross proceeds of $30.7 million, thereby settling a portion of the convertible preferred stock tranche liability. Immediately prior to the second closing, the Company measured the convertible preferred stock tranche liability to its then fair value. Upon the closing of the second tranche, the convertible preferred stock tranche liability was partially settled and the related balance of the liability of $27,000 was reclassified to Series B convertible preferred stock. In August 2020, the Company completed its third closing of Series B convertible preferred stock financing and issued 3,086,415 shares of Series B convertible preferred stock at the purchase price of $9.936 per share for gross proceeds of $30.7 million, thereby settling the remainder of the convertible preferred stock tranche liability. Immediately prior to the third closing, the Company measured the convertible preferred stock tranche liability to its then fair value. Upon the closing of the third tranche, the remaining convertible preferred stock tranche liability was settled and the balance of the liability of $0.7 million was reclassified to Series B convertible preferred stock. Series C Convertible Preferred Stock Financing In December 2020, the Company entered into a Series C preferred stock purchase agreement (“Series C SPA”) for the issuance of up to 8,526,381 shares of the Company’s Series C convertible preferred stock at a purchase price of $12.432 per share in two closings. The Company completed the initial closing in December 2020, whereby 6,917,621 shares of Series C convertible preferred stock were issued for gross proceeds of $86.0 million. In January 2021, the Company sold an additional 1,608,750 shares of Series C convertible preferred stock at a purchase price of $12.432 per share for gross proceeds of $20.0 million. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 8. Common Stock The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. Common stock issued and outstanding on the condensed statements of convertible preferred stock and stockholders’ equity (deficit) includes shares related to early exercised options and restricted stock that are subject to repurchase. Common stock issued and outstanding is reduced for any repurchases of early exercised stock options and restricted stock. As of September 30, 2021 and December 31, 2020, outstanding common stock included 40,915 and 138,127 shares related to early exercised stock options and restricted stock that are unvested and subject to repurchase. Total shares of common stock reserved for issuance, on an as-if converted basis, is as follows: September 30, 2021 December 31, 2020 Conversion of outstanding shares of convertible preferred stock — 24,493,528 Stock options issued and outstanding 2,530,121 1,160,808 Stock options available for future grant 3,847,160 412,170 Total 6,377,281 26,066,506 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9 . Stock-Based Compensation 2021 Equity Incentive Plan In July 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the IPO. The Company’s 2016 Equity Incentive Plan (the “2016 Plan”) was terminated in 2021. Shares subject to awards granted under the 2016 Plan that are repurchased by or forfeited to the Company will also be reserved for issuance under the 2021 Plan. The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on the first day of January for a period of ten years, commencing on January 1, 2022, in an amount equal to the lesser of: 4,000,000 shares; 4% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the Company’s board of directors may determine. Total shares reserved and available for grant under the 2021 Plan as of September 30, 2021 are 3,847,160. Stock Option Activity The following table summarizes stock option activity: Number of Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Years) (In thousands) Outstanding as of December 31, 2020 1,160,808 $ 1.74 8.40 $ 6,060 Options granted 1,595,128 9.36 Options exercised (184,777 ) 1.85 Options cancelled (41,038 ) 3.51 Outstanding as of September 30, 2021 2,530,121 $ 6.50 8.87 $ 35,805 Exercisable as of September 30, 2021 590,000 $ 2.18 7.71 $ 10,898 2021 Employee Stock Purchase Plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The Company initially reserved 800,000 shares for future issuance under the ESPP. The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. The number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of January following the year in which the first offering period under the ESPP commences, in an amount equal to the lesser of: 800,000 shares; 1% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the board of directors may determine. The first offering period has not commenced as of September 30, 2021 and there is no stock-based compensation related to the ESPP for the three and nine months ended September 30, 2021. Stock-Based Compensation The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Research and development $ 326 $ 97 $ 654 $ 273 General and administrative 642 101 1,248 264 Total stock-based compensation $ 968 $ 198 $ 1,902 $ 537 As of September 30, 2021, there was approximately $14.3 million of unrecognized stock-based compensation, which the Company expects to recognize over a weighted-average period of 3.5 years. Stock Option Valuation The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.0 - 6.1 6.0 5.0 - 6.1 6.0 - 6.1 Expected volatility 95% - 96% 183% 95% - 103% 178% - 183% Risk-free interest rate 0.9% - 1.2% 0.4% 0.6% - 1.2% 0.4% - 1.5% Expected dividend yield — % — % — % — % Restricted Stock A summary of restricted stock activity is as follows: Number of Shares Weighted Average Fair Value at Date of Grant per Share Unvested as of December 31, 2020 138,127 $ 0.90 Granted 19,852 $ 1.93 Vested (100,105 ) $ 0.56 Repurchased (16,959 ) $ 2.27 Unvested as of September 30, 2021 40,915 $ 1.67 Employee Recourse Notes In 2017 and 2018, the Company entered into full recourse notes with certain employees upon the exercise of stock options that are treated as substantive exercises for accounting purposes. The Company has the right to repurchase unvested shares up to 90 days after employment is terminated. As of September 30, 2021, the principal and accrued interest amount of the notes was $12,000. The notes are presented in the condensed statements of convertible preferred stock and stockholders’ equity (deficit). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 0 . Income Taxes For the three and nine months ended September 30, 2021 and 2020, the Company did not record any income tax expense. The Company has recorded a full valuation allowance against its U.S. federal and state deferred tax assets as the Company believes it is not more likely than not that the benefit will be realized. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11 . Net Loss Per Share The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: September 30, 2021 2020 Convertible preferred stock — 17,575,907 Outstanding stock options 2,530,121 1,099,224 Restricted stock subject to future vesting 40,915 179,062 Total 2,571,036 18,854,193 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of September 30, 2021, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) for the three and months ended September 30, 2021 and 2020 and the interim condensed statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the three and months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements included in the prospectus dated July 29 , 20 2 1 , that forms a part of the Company's Registration Statements on Form S-1 (File Nos. 333-2 5 7820 and 333-2 58285 ), as filed with the SEC pursuant to Rule 424 promulgated under the Securities Act of 1933, as amended . |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, the fair value of common stock, the valuation of equity-based awards, the useful lives of property and equipment, the fair value of the convertible preferred stock tranche liability, accrued expenses related to research and development activities and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds, commercial paper and U.S. government agencies bonds that are stated at fair value. |
Marketable Securities | Marketable Securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. There are no material realized gains or losses on marketable securities for all periods presented. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred. |
Asset Retirement Obligation | Asset Retirement Obligation The Company records asset retirement obligations (“AROs”) for the estimated cost of removing constructed leasehold improvement assets and restoring the leased premises back to their original condition, at the time when the contractual obligations are incurred. AROs represent the present value of the expected costs for the related restoration activities. The ARO assets and liabilities are recorded in property, plant and equipment and other long-term liabilities, respectively, in the Company’s balance sheets. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated leasehold improvements. Accretion expense is recorded as operating expense in the statements of operations using an accretion rate based on the credit adjusted risk-free interest rate. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options and restricted stock that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses. |
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Standards On January 1, 2021, the Company adopted ASC 842 using the modified retrospective transition method and elected the practical expedients to not reassess whether any expired or existing contracts are or contain leases, carry forward its historical lease classification and not reassess initial direct costs for existing leases. The Company elected to not separate non-lease components from the associated lease components and to not recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Upon adoption of ASC 842, the Company recorded an operating right-of-use asset of $4.6 million, operating lease liabilities of $9.1 million and derecognized deferred rent and other lease liabilities of $4.5 million. Results for the nine months ended September 30, 2021 are presented under ASC 842. Prior period amounts before January 1, 2021 have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC 840: Leases (Topic 840) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which replaces the existing incurred loss impairment model with an expected credit loss model In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 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) (“ASU 2020-06”), which is intended to simplify the accounting for convertible debt instruments and convertible preferred stock. This standard removes the existing guidance in ASC 470-20 that requires companies to account for cash conversion features and beneficial conversion features in equity, separately from the host convertible debt or preferred stock. As an emerging growth company, ASU 2020-06 is effective for the Company beginning January 1, 2024. The Company currently does not expect the adoption of this standard to have a material impact on its financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: September 30, 2021 Valuation Hierarchy Amortized Cost Unrealized Gain Unrealized Loss Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 68,815 $ — $ — $ 68,815 Commercial paper Level 2 44,246 — — 44,246 Government agencies bonds Level 2 3,015 — — 3,015 Marketable securities: U.S. treasuries Level 1 40,677 — (9 ) 40,668 Commercial paper Level 2 109,095 3 (12 ) 109,086 Corporate bonds Level 2 9,036 — (4 ) 9,032 Government agencies bonds Level 2 4,603 — (1 ) 4,602 Total financial assets $ 279,487 $ 3 $ (26 ) $ 279,464 December 31, 2020 Valuation Hierarchy Amortized Cost Unrealized Gain Unrealized Loss Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 127,535 $ — $ — $ 127,535 Total financial assets $ 127,535 $ — $ — $ 127,535 |
Summary of Significant Unobservable Assumptions used to Convertible Preferred Stock Tranche Liability | The following table summarizes the significant unobservable assumptions used to value the convertible preferred stock tranche liability as of the settlement date of August 24, 2020: August 24, 2020 Term to valuation date (in years) 0.00 Discount rate 5.0% |
Summary of Changes in Estimated Fair Value Liabilities Measures at Fair Value on a Recurring Basis | The following table summarizes the changes in the estimated fair value of the Company’s convertible preferred stock tranche liability measured on a recurring basis using significant Level 3 inputs: Nine Months Ended September 30, 2020 (In thousands) Beginning balance $ 786 Change in fair value upon remeasurement (75 ) Settlement of convertible preferred stock tranche liability on second and third closings of the Series B convertible preferred stock (711 ) Ending balance $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: September 30, 2021 December 31, 2020 (In thousands) Construction in progress $ 21,895 $ 7,678 Laboratory equipment 9,806 8,182 Leasehold improvements 7,242 7,237 Furniture and fixtures 534 534 Computer equipment and software 272 257 Total property and equipment $ 39,749 $ 23,888 Less: accumulated depreciation and amortization (8,858 ) (6,703 ) Total property and equipment, net $ 30,891 $ 17,185 |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 (In thousands) Accrued compensation and related expenses $ 2,663 $ 2,090 Accrued research and development expenses 1,043 391 Accrued property and equipment 972 231 Other current liabilities 514 121 Accrued professional services 415 328 Total accrued expenses and other current liabilities $ 5,607 $ 3,161 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Undiscounted Future Minimum Lease Payments Due Under Non-cancelable Operating Lease | As of September 30, 2021, the undiscounted future minimum lease payments due under the Company’s non-cancelable operating leases are as follows: Amount (In thousands) 2021 (remaining 3 months) $ 902 2022 3,678 2023 3,792 2024 3,910 2025 2,445 Thereafter 8,291 Total undiscounted future minimum lease payments $ 23,018 Present value adjustment for minimum lease commitments (6,515 ) Tenant improvement receivable (282 ) Total operating lease liabilities $ 16,221 |
Summary of Undiscounted Future Minimum Lease Payments Due Under Non-cancelable Operating Lease | As of December 31, 2020, undiscounted future minimum lease payments due under the Company’s non-cancelable operating lease are as follows: Amount (In thousands) 2021 $ 3,752 2022 2,206 2023 2,283 2024 2,363 2025 999 Total future minimum lease payments $ 11,603 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Stock | Prior to the Company’s IPO, convertible preferred stock as of December 31, 2020 consists of the following: December 31, 2020 Shares Authorized Shares Issued and Outstanding Net Carrying Value Liquidation Preference (In thousands, except share data) Convertible Preferred Stock Series A 8,316,666 8,316,662 $ 43,393 $ 49,900 Series B 9,259,254 9,259,245 91,644 92,000 Series C 8,526,381 6,917,621 85,717 86,000 Total 26,102,301 24,493,528 $ 220,754 $ 227,900 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Issuance | Total shares of common stock reserved for issuance, on an as-if converted basis, is as follows: September 30, 2021 December 31, 2020 Conversion of outstanding shares of convertible preferred stock — 24,493,528 Stock options issued and outstanding 2,530,121 1,160,808 Stock options available for future grant 3,847,160 412,170 Total 6,377,281 26,066,506 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity: Number of Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Years) (In thousands) Outstanding as of December 31, 2020 1,160,808 $ 1.74 8.40 $ 6,060 Options granted 1,595,128 9.36 Options exercised (184,777 ) 1.85 Options cancelled (41,038 ) 3.51 Outstanding as of September 30, 2021 2,530,121 $ 6.50 8.87 $ 35,805 Exercisable as of September 30, 2021 590,000 $ 2.18 7.71 $ 10,898 |
Summary of Stock-based Compensation | The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Research and development $ 326 $ 97 $ 654 $ 273 General and administrative 642 101 1,248 264 Total stock-based compensation $ 968 $ 198 $ 1,902 $ 537 |
Summary of Fair Value of Stock Option Awards | The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Expected term (in years) 6.0 - 6.1 6.0 5.0 - 6.1 6.0 - 6.1 Expected volatility 95% - 96% 183% 95% - 103% 178% - 183% Risk-free interest rate 0.9% - 1.2% 0.4% 0.6% - 1.2% 0.4% - 1.5% Expected dividend yield — % — % — % — % |
Summary of Restricted Stock Activity | A summary of restricted stock activity is as follows: Number of Shares Weighted Average Fair Value at Date of Grant per Share Unvested as of December 31, 2020 138,127 $ 0.90 Granted 19,852 $ 1.93 Vested (100,105 ) $ 0.56 Repurchased (16,959 ) $ 2.27 Unvested as of September 30, 2021 40,915 $ 1.67 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: September 30, 2021 2020 Convertible preferred stock — 17,575,907 Outstanding stock options 2,530,121 1,099,224 Restricted stock subject to future vesting 40,915 179,062 Total 2,571,036 18,854,193 |
Organization and Description _2
Organization and Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 03, 2021USD ($)$ / sharesshares | Jul. 23, 2021 | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Organization And Description Of Business [Line Items] | |||||||||||
Reverse stock split description | 1-for-6 | ||||||||||
Reverse stock split | 0.1667 | ||||||||||
Net proceeds of after deducting underwriting discounts and commissions | $ 188,605 | ||||||||||
Accumulated deficit | $ (129,382) | (129,382) | $ (82,812) | ||||||||
Net loss | (18,262) | $ (15,210) | $ (13,098) | $ (10,295) | $ (8,731) | $ (9,051) | (46,570) | $ (28,077) | |||
Cash, cash equivalents and investments in marketable securities | $ 280,500 | $ 280,500 | |||||||||
Common Stock | |||||||||||
Organization And Description Of Business [Line Items] | |||||||||||
Issuance of common stock | shares | 13,800,000 | ||||||||||
Net proceeds of after deducting underwriting discounts and commissions | $ 188,500 | ||||||||||
Conversion of outstanding shares of convertible preferred stock | shares | 26,102,278 | ||||||||||
Common Stock | Initial Public Offering | |||||||||||
Organization And Description Of Business [Line Items] | |||||||||||
Issuance of common stock | shares | 13,800,000 | ||||||||||
Share price | $ / shares | $ 15 | ||||||||||
Underwriting discounts and commissions | $ 14,500 | ||||||||||
Other offering expenses | $ 4,000 | ||||||||||
Common Stock | Overallotment Option | |||||||||||
Organization And Description Of Business [Line Items] | |||||||||||
Issuance of common stock | shares | 1,800,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jan. 01, 2021 |
Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 12,006 | |
Operating lease liabilities | $ 16,221 | |
ASC 842 | ||
Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use assets | $ 4,600 | |
Operating lease liabilities | 9,100 | |
Derecognized deferred rent and other lease liabilities | $ 4,500 | |
Accounting standards update, adopted [true false] | true | |
Accounting standards update, adoption date | Jan. 1, 2021 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 279,487 | $ 127,535 |
Unrealized Gain | 3 | |
Unrealized Loss | (26) | |
Fair Value | 279,464 | 127,535 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 68,815 | 127,535 |
Fair Value | 68,815 | $ 127,535 |
Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 44,246 | |
Fair Value | 44,246 | |
Government Agencies Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 3,015 | |
Fair Value | 3,015 | |
U.S. Treasuries | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 40,677 | |
Unrealized Loss | (9) | |
Fair Value | 40,668 | |
Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 109,095 | |
Unrealized Gain | 3 | |
Unrealized Loss | (12) | |
Fair Value | 109,086 | |
Corporate Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 9,036 | |
Unrealized Loss | (4) | |
Fair Value | 9,032 | |
Government Agencies Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 4,603 | |
Unrealized Loss | (1) | |
Fair Value | $ 4,602 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Impairment charges on marketable securities related to other-than-temporary | $ 0 | |
Convertible preferred stock tranche liability | $ 0 | $ 0 |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale marketable securities contractual maturities term | 1 year |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Significant Unobservable Assumptions used to Convertible Preferred Stock Tranche Liability (Details) - Convertible Preferred Stock Tranche Liability | Aug. 24, 2020 |
Term to Valuation Date | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Term to valuation date (in years) | 0 years |
Discount rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Measurement input | 5 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Changes in Estimated Fair Value Liabilities Measures at Fair Value on a Recurring Basis (Details) - Level 3 - Convertible Preferred Stock Tranche Liability $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | $ 786 |
Change in fair value upon remeasurement | (75) |
Settlement of convertible preferred stock tranche liability on second and third closings of the Series B convertible preferred stock | $ (711) |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 39,749 | $ 23,888 |
Less: accumulated depreciation and amortization | (8,858) | (6,703) |
Total property and equipment, net | 30,891 | 17,185 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 21,895 | 7,678 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9,806 | 8,182 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 7,242 | 7,237 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 534 | 534 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 272 | $ 257 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortization expense | $ 0.7 | $ 0.6 | $ 2.2 | $ 1.8 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation and related expenses | $ 2,663 | $ 2,090 |
Accrued research and development expenses | 1,043 | 391 |
Accrued property and equipment | 972 | 231 |
Other current liabilities | 514 | 121 |
Accrued professional services | 415 | 328 |
Total accrued expenses and other current liabilities | $ 5,607 | $ 3,161 |
License Agreements (Details)
License Agreements (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2020USD ($) | Oct. 31, 2016USD ($)Option | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Research and development expense related to upfront license fee payable | $ 12,944,000 | $ 8,480,000 | $ 33,440,000 | $ 22,735,000 | ||
University of Texas Southwestern License Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone and royalty payments recognized | 0 | |||||
Non-refundable upfront license fee | $ 100,000 | |||||
Research and development expense related to upfront license fee payable | $ 100,000 | |||||
University of Texas Southwestern License Agreement | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone payments contingent upon achieving specific development and commercialization milestone events | $ 14,800,000 | |||||
Gladstone | Gladstone License Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone and royalty payments recognized | $ 0 | |||||
Number of additional option to extend milestone payment | Option | 4 | |||||
Milestone obligation additional extended payment terms | 1 year | |||||
Gladstone | Gladstone License Agreement | Minimum [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Annual license maintenance fees | $ 25,000 | |||||
Milestone obligation amount | 50,000 | |||||
Gladstone | Gladstone License Agreement | Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Annual license maintenance fees | 100,000 | |||||
Milestone payments for royalty-bearing products contingent upon achieving specific clinical and commercialization milestone events | 4,100,000 | |||||
Milestone obligation amount | $ 100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2021USD ($)RenewalOption | Dec. 31, 2020 | Dec. 31, 2016USD ($)RenewalOption | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Rent expense | $ 1.6 | $ 0.6 | $ 4.2 | $ 1.9 | |||
Short-term lease | 0.6 | 1.8 | |||||
Variable lease payments | $ 0.4 | $ 1.2 | |||||
Sublease agreements expiration date | Dec. 31, 2020 | ||||||
Other Income (Expense), Net | |||||||
Commitments And Contingencies [Line Items] | |||||||
Sublease Income | $ 0.2 | ||||||
ASC 842 | |||||||
Commitments And Contingencies [Line Items] | |||||||
Remaining weighted-average lease term | 6 years 9 months 18 days | 6 years 9 months 18 days | |||||
Weighted-average incremental borrowing rate used to determine operating lease liability | 9.50% | 9.50% | |||||
Office and Laboratory Space | South San Francisco, California | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease expiration month and year | 2025-05 | ||||||
Lease renewal term | 5 years | ||||||
Number of lease renewal term | RenewalOption | 2 | ||||||
Tenant improvement allowance | $ 5.8 | ||||||
Additional Office and Laboratory Space | South San Francisco, California | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease Expiration Date | Nov. 30, 2021 | ||||||
Manufacturing and Office Space | Union City, California | |||||||
Commitments And Contingencies [Line Items] | |||||||
Lease renewal term | 5 years | ||||||
Number of lease renewal term | RenewalOption | 1 | ||||||
Lease commenced month and year | 2021-05 | ||||||
Term of lease | 10 years | ||||||
Manufacturing and Office Space | Union City, California | Other Noncurrent Assets | |||||||
Commitments And Contingencies [Line Items] | |||||||
Security deposit | $ 3.3 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Undiscounted Future Minimum Lease Payments Due Under Non-cancelable Operating Lease (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 (remaining 3 months) | $ 902 | |
2022 | 3,678 | |
2023 | 3,792 | |
2024 | 3,910 | |
2025 | 2,445 | |
Thereafter | 8,291 | |
Total undiscounted future minimum lease payments | 23,018 | |
Present value adjustment for minimum lease commitments | (6,515) | |
Tenant improvement receivable | (282) | |
Operating lease liabilities | $ 16,221 | |
2021 | $ 3,752 | |
2022 | 2,206 | |
2023 | 2,283 | |
2024 | 2,363 | |
2025 | 999 | |
Total future minimum lease payments | $ 11,603 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) | Aug. 03, 2021shares | Jan. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)Closing$ / sharesshares | Aug. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Aug. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Temporary Equity [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 26,102,301 | |||||||
Convertible preferred stock shares issued | 24,493,528 | |||||||
Series B Convertible Preferred Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 9,259,254 | |||||||
Convertible preferred stock purchase price per share | $ / shares | $ 9.936 | $ 9.936 | ||||||
Convertible preferred stock shares issued | 9,259,245 | 3,086,415 | 3,086,415 | |||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ | $ 30,700,000 | $ 30,700,000 | $ 30,700,000 | $ 61,328,000 | ||||
Reclassification of balance liability to convertible preferred stock | $ | $ 700,000 | $ 27,000 | ||||||
Series C Convertible Preferred Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 8,526,381 | |||||||
Convertible preferred stock purchase price per share | $ / shares | $ 12.432 | |||||||
Convertible preferred stock shares issued | 1,608,750 | 6,917,621 | ||||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ | $ 20,000,000 | $ 19,981,000 | ||||||
Series B Preferred Stock Purchase Agreement | Series B Convertible Preferred Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 9,259,254 | |||||||
Convertible preferred stock purchase price per share | $ / shares | $ 9.936 | |||||||
Convertible preferred stock shares issued | 3,086,415 | |||||||
Fair value of convertible preferred stock tranche liability | $ | $ 800,000 | |||||||
Series C Preferred Stock Purchase Agreement | Series C Convertible Preferred Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 8,526,381 | |||||||
Convertible preferred stock purchase price per share | $ / shares | $ 12.432 | |||||||
Convertible preferred stock shares issued | 6,917,621 | |||||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ | $ 86,000,000 | |||||||
Number of closings | Closing | 2 | |||||||
Common Stock | ||||||||
Temporary Equity [Line Items] | ||||||||
Conversion of outstanding shares of convertible preferred stock | 26,102,278 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 |
Temporary Equity [Line Items] | ||||
Shares Authorized | 26,102,301 | |||
Shares Issued | 24,493,528 | |||
Shares Outstanding | 24,493,528 | |||
Net Carrying Value | $ 220,754 | |||
Liquidation Preference | $ 227,900 | |||
Series A Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 8,316,666 | |||
Shares Issued | 8,316,662 | |||
Shares Outstanding | 8,316,662 | |||
Net Carrying Value | $ 43,393 | |||
Liquidation Preference | $ 49,900 | |||
Series B Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 9,259,254 | |||
Shares Issued | 9,259,245 | 3,086,415 | 3,086,415 | |
Shares Outstanding | 9,259,245 | |||
Net Carrying Value | $ 91,644 | |||
Liquidation Preference | $ 92,000 | |||
Series C Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 8,526,381 | |||
Shares Issued | 1,608,750 | 6,917,621 | ||
Shares Outstanding | 6,917,621 | |||
Net Carrying Value | $ 85,717 | |||
Liquidation Preference | $ 86,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||
Common stock voting rights | The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. | |
Early Exercised Stock Options and Restricted Stock That are Unvested and Subject to Repurchase | ||
Class Of Stock [Line Items] | ||
Common stock outstanding | 40,915 | 138,127 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Reserved for Issuance (Details) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Common stock reserved for issuance | 6,377,281 | 26,066,506 |
Stock Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock reserved for issuance | 2,530,121 | 1,160,808 |
Stock Options Available for Future Grant | ||
Class Of Stock [Line Items] | ||
Common stock reserved for issuance | 3,847,160 | 412,170 |
Conversion of Outstanding Shares of Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for issuance | 24,493,528 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 6,377,281 | 6,377,281 | 26,066,506 | |||
Stock-based compensation | $ 968,000 | $ 198,000 | $ 1,902,000 | $ 537,000 | ||
Unrecognized stock-based compensation | 14,300,000 | $ 14,300,000 | ||||
Weighted-average period | 3 years 6 months | |||||
Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Repurchase unvested shares after unemployment, terminated | 90 days | |||||
Principal and accrued interest amount | $ 12,000 | |||||
2021 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 800,000 | |||||
Participants to purchase common stock through payroll deduction maximum percentage of eligible compensation | 15.00% | |||||
Number of shares of common stock that may be issued in accordance with the plan | 800,000 | |||||
Percentage of shares of common stock outstanding on last day of immediately preceding year | 1.00% | |||||
Stock-based compensation | $ 0 | $ 0 | ||||
2021 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock shares available for issuance period | 10 years | |||||
Number of shares of common stock that may be issued in accordance with the plan | 4,000,000 | |||||
Percentage of shares of common stock outstanding on last day of immediately preceding year | 4.00% | |||||
Shares reserved and available for grant | 3,847,160 | 3,847,160 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options Outstanding, Outstanding Beginning Balance | shares | 1,160,808 | |
Number of Options Outstanding, Options granted | shares | 1,595,128 | |
Number of Options Outstanding, Options exercised | shares | (184,777) | |
Number of Options Outstanding, Options cancelled | shares | (41,038) | |
Number of Options Outstanding, Outstanding Ending Balance | shares | 2,530,121 | 1,160,808 |
Number of Options Outstanding, Exercisable as of June 30, 2021 | shares | 590,000 | |
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares | $ 1.74 | |
Weighted-Average Exercise Price Per Share, Options granted | $ / shares | 9.36 | |
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares | 1.85 | |
Weighted-Average Exercise Price Per Share, Options cancelled | $ / shares | 3.51 | |
Weighted-Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares | 6.50 | $ 1.74 |
Weighted-Average Exercise Price Per Share, Exercisable as of June 30, 2021 | $ / shares | $ 2.18 | |
Weighted-Average Remaining Contractual Life, Outstanding | 8 years 10 months 13 days | 8 years 4 months 24 days |
Weighted-Average Remaining Contractual Life, Exercisable as of June 30, 2021 | 7 years 8 months 15 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 35,805 | $ 6,060 |
Aggregate Intrinsic Value, Exercisable as of June 30, 2021 | $ | $ 10,898 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 968 | $ 198 | $ 1,902 | $ 537 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 326 | 97 | 654 | 273 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 642 | $ 101 | $ 1,248 | $ 264 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years | |||
Expected volatility | 183.00% | |||
Expected volatility, minimum | 95.00% | 95.00% | 178.00% | |
Expected volatility, maximum | 96.00% | 103.00% | 183.00% | |
Risk-free interest rate | 0.40% | |||
Risk-free interest rate, minimum | 0.90% | 0.60% | 0.40% | |
Risk free interest rate, maximum | 1.20% | 1.20% | 1.50% | |
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years | 5 years | 6 years | |
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Number of Shares | |
Unvested as of December 31, 2020 | shares | 138,127 |
Granted | shares | 19,852 |
Vested | shares | (100,105) |
Repurchased | shares | (16,959) |
Unvested as of September 30, 2021 | shares | 40,915 |
Weighted Average Fair Value at Date of Grant per Share | |
Unvested as of December 31, 2020 | $ / shares | $ 0.90 |
Granted | $ / shares | 1.93 |
Vested | $ / shares | 0.56 |
Repurchased | $ / shares | 2.27 |
Unvested as of September 30, 2021 | $ / shares | $ 1.67 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities were not included in the calculation of diluted net loss per share | 2,571,036 | 18,854,193 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities were not included in the calculation of diluted net loss per share | 17,575,907 | |
Outstanding Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities were not included in the calculation of diluted net loss per share | 2,530,121 | 1,099,224 |
Restricted Stock Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities were not included in the calculation of diluted net loss per share | 40,915 | 179,062 |