0000950170-24-020145 | 10-K | XBRL Viewer

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Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (436,367)	$ (248,705)	$ (187,091)
Denominator:
Weighted-average shares outstanding	113,149,869	80,636,570	72,866,022
Less: Weighted-average unvested restricted shares and shares subject to repurchase	0	(10,045)	(59,943)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	113,149,869	80,626,525	72,806,079
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	113,149,869	80,626,525	72,806,079
Net loss per share attributable to common stockholders, basic	$ (3.86)	$ (3.08)	$ (2.57)
Net loss per share attributable to common stockholders, diluted	$ (3.86)	$ (3.08)	$ (2.57)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 1,069
2025	870
Developed technology - tri-complex platform, Net book value	$ 1,939	$ 3,007

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

Basis of presentation

The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company’s financial position and results of operations for the reported periods. The consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 include the accounts of the Company and its wholly owned subsidiaries, EQRx, LLC and Warp Drive Bio, Inc.

(Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar.

Use of estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accounting for acquisitions including the fair value of assets acquired and liabilities assumed and related purchase price allocation, revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities, and stock-based compensation. Estimates are based on historical experience, complex judgments, facts and circumstances available at the time and various other assumptions that are believed to be reasonable under the circumstances but are inherently uncertain and unpredictable. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods.

Cash and cash equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of amounts invested in money market funds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase.

Marketable securities

Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper, and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations and comprehensive loss. Realized gains and losses are included in interest income on the consolidated statements of operations and comprehensive loss.

The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations and comprehensive loss. As of December 31, 2023, no other-than-temporary-impairment has been recorded.

Restricted cash

As of December 31, 2023 and 2022, the Company had $3.0 million and $1.7 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for certain of its leases.

Concentration of credit risk and other risks and uncertainties

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its bank deposits and issuers of its investments. The Company’s investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. government and its agencies, corporate debt and commercial paper, and places restrictions on the credit ratings, maturities and concentration by type and issuer. The Company has not experienced any significant losses on its deposits of cash and cash equivalents or investments.

Fair value measurement

The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. For more information, refer to Note 4 regarding the fair value of the Company’s available-for-sale securities.

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations.

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets.

Impairment of long-lived assets

Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented.

Acquired intangible assets

Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2023, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations and comprehensive loss.

Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets and is included in research and development expenses in the consolidated statement of operations. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2023, no such impairment has been recorded.

Goodwill

Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2023, no goodwill impairment has been identified.

Warrants

Warrants assumed as part of the EQRx transaction as described in Note 3 contain provisions that require them to be classified as derivative liabilities in accordance with Accounting Standards Codification Topic 815, Derivatives and Hedging (ASC 815). Accordingly, at the end of each reporting period, changes in fair value during the period are recognized as a change in fair value of warrant liabilities within the consolidated statements of operations and comprehensive loss. The Company adjusts the warrant liability for changes in the fair value until the earlier of (a) the exercise or expiration of the warrants or (b) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in capital.

Derivative warrant liabilities are classified as non-current liabilities, as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue recognition

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance

obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees.

Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price.

Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements.

Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation.

Research and development expenditures

Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly.

Stock-based compensation

The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant.

Comprehensive loss

For the years ended December 31, 2023, 2022 and 2021, other comprehensive income (loss) included net unrealized gains or losses on marketable securities.

Income taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense.

Net loss per share attributable to common stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods.

Segment reporting

The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. No new pronouncements were adopted by the Company for the year ended December 31, 2023.

Recently announced accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years, beginning after December 15, 2024. Early application is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 relates to rate reconciliation and income taxes paid disclosures. The guidance is effective for public business entities for fiscal years beginning after December 15, 2024. Early application is permitted. The guidance is to be applied on a prospective basis. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization expense	$ 5.0	$ 4.0	$ 3.1

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
In-process research and development - RAS Programs	$ 55,800	$ 55,800
Developed technology - tri-complex platform, Gross value	7,480	7,480
Developed technology - tri-complex platform, Accumulated amortization	(5,541)	(4,473)
Developed technology - tri-complex platform, Net book value	$ 1,939	$ 3,007
Developed technology - tri-complex platform, Weighted-average remaining useful life	1 year 10 months 24 days	2 years 10 months 24 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 57,739	$ 58,807

Income Taxes - Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income tax rate, net of federal benefit	(2.30%)	9.40%
Foreign rate differential	0.00%	0.00%
Research tax credits	2.70%	3.20%
Change in valuation allowance	(19.80%)	(32.40%)
Non-deductible permanent expenses	0.10%	(0.10%)
Stock based compensation	(0.80%)	(0.90%)
Other	(0.10%)	0.00%
Benefit from income taxes	0.80%	0.20%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Useful Lives of Property and Equipment

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	21,880,211	17,766,601
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	11,083,349	8,164,375
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,161,267	1,175,032
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	6,241,188	6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,394,407	1,700,887

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.6-03(i)(2)(i))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Benefit from income taxes	$ 3,524,000	$ 420,000	$ 0
Increase in valuation allowance	$ 152,600,000	80,700,000
Tax cut and jobs act net operating loss deduction limitation percentage	80.00%
Research and development credit carryforwards	$ 34,755,000	22,558,000
Net operating losses, limitations on use	Federal and state tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in 2014, 2020 and 2023 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. The Company's deferred tax assets have been reduced by the amount of net operating loss carryforwards expected to expire due to the limitation. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.The TCJA amended Internal Revenue Code Section 174 requiring capitalization of specified research and experimental expenditures paid or incurred in tax years beginning after December 31, 2021 and amortizing over a period of 5 or 15 years. This resulted in a deferred tax asset for capitalized research expenses in 2023 and 2022.
Unrecognized tax benefits that would affect effective tax rate if recognized	$ 184,200,000	7,100,000
Interest or penalties related to uncertain tax positions	$ 0	$ 0
Years remain open to examination	2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Federal
Income Taxes [Line Items]
Net operating loss carryforwards subject to expire	$ 520,800,000
Net operating loss carryforwards expiration beginning year	2035
Net operating loss carryforwards which can be carried forward indefinitely	$ 427,100,000
Research and development credit carryforwards	$ 32,100,000
Research and development credit carryforwards expiration beginning year	2034
State and Local Net
Income Taxes [Line Items]
Net operating loss carryforwards subject to expire	$ 793,000,000
Net operating loss carryforwards expiration beginning year	2035
Research and development credit carryforwards	$ 17,100,000
Research and development credit carryforwards expiration beginning year	2031
Research and development credit carryforwards which can be carried forward indefinitely	$ 16,300,000
Net operating losses expected to expire unutilized as a result of the limitation	$ 5,500,000

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($) ft²	Nov. 30, 2021 USD ($) ft²	Apr. 30, 2020 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2015 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset				$ 77,149	$ 55,077
Operating lease liability				87,944
Total undiscounted lease payments				$ 145,409
Operating lease, weighted average discount rate				8.40%
Operating lease, weighted average remaining lease term				12 years	10 years 10 months 24 days
EQRx Inc
Lessee Lease Description [Line Items]
Total undiscounted lease payments				$ 2,500
Redwood City Lease
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year				2033-11
Area of space leased \| ft²		41,000
Lessee, operating lease option to extend lease term		10 years
Redwood City Lease \| ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 25,000	$ 26,800
Redwood City Lease \| Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit				$ 2,400	$ 1,500
Redwood City Lease \| The 700 Building and 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset		$ 8,600
Redwood City Lease \| The 300 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year				2030-12
Area of space leased \| ft²			19,000
Tenant improvement allowance				$ 9,600
Redwood City Lease \| The 300 Building \| ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset			$ 6,400
Operating lease liability			9,000
Redwood City Lease \| The 700 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year				2023-04
Area of space leased \| ft²						42,000
Tenant improvement allowance				$ 9,600
Redwood City Lease \| The 700 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset			$ 14,800
Redwood City Lease \| The 900 Building
Lessee Lease Description [Line Items]
Area of space leased \| ft²	40,000
Lessee, operating lease, option to extend				The Company has the option to extend the lease for an additional ten years after December 31, 2035. The Company obtained possession of the 900 Building in October 2023.
Tenant improvement allowance				$ 9,600
Redwood City Lease \| The 700 Building, 300 Building and 800 Building \| ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset	$ 300

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 696,148	$ 161,412
Marketable securities	1,156,807	483,531
Account receivable	1,254	4,673
Prepaid expenses and other current assets	25,072	10,569
Total current assets	1,879,281	660,185
Property and equipment, net	22,865	18,659
Operating lease right-of-use asset	77,149	55,077
Intangible assets, net	57,739	58,807
Goodwill	14,608	14,608
Restricted cash	3,031	1,737
Other noncurrent assets	7,032	2,857
Total assets	2,061,705	811,930
Current liabilities:
Accounts payable	61,788	21,306
Accrued expenses and other current liabilities	74,694	29,446
Operating lease liability, current	7,369	6,773
Deferred revenue, current	0	4,459
Total current liabilities	143,851	61,984
Deferred tax liability	3,115	7,025
Operating lease liability, noncurrent	80,575	57,432
Warrant liability	6,512	0
Other noncurrent liabilities	1,458	301
Total liabilities	235,511	126,742
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at December 31, 2023 and December 31, 2022, respectively; none issued and outstanding at December 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2023 and December 31, 2022, respectively; 170,234,594 and 90,411,912 shares issued as of December 31, 2023 and December 31, 2022; 164,674,594 and 90,411,912 shares outstanding as of December 31, 2023 and December 31, 2022, respectively	16	9
Additional paid-in capital	2,963,342	1,388,300
Accumulated other comprehensive income (loss)	544	(1,780)
Accumulated deficit	(1,137,708)	(701,341)
Total stockholders' equity	1,826,194	685,188
Total liabilities and stockholders' equity	$ 2,061,705	$ 811,930

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance	8,164,375
Number of Shares underlying options, Options granted	3,660,200
Number of Shares underlying options, Options exercised	(524,094)
Number of Shares underlying options, Options cancelled	(217,132)
Number of Shares underlying options, Ending balance	11,083,349	8,164,375
Number of Shares underlying options, Options vested and exercisable	6,017,790
Weighted-average exercise price, Beginning balance	$ 16.09
Weighted-average exercise price, Options granted	26.21
Weighted-average exercise price, Options exercised	6.33
Weighted-average exercise price, Options cancelled	28.91
Weighted-average exercise price, Ending balance	19.64	$ 16.09
Weighted-average exercise price, Options vested and exercisable	$ 14.92
Weighted-average remaining contractual term (in years)	7 years 6 months	7 years 6 months 10 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 4 months 9 days
Aggregate intrinsic value	$ 115,009	$ 85,181
Aggregate intrinsic value, Options vested and exercisable	$ 92,543

Acquisition - Schedule of Number of Shares of Common Stock Revolution Medicines Issued to EQRx Equity Holders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Nov. 09, 2023
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value of warrants	$ 6,907
Fair value of contingent earn-out shares	490
Purchase price	1,097,099
EQRx Acquisition
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value of shares of combined company to be owned by EQRx stockholders	1,096,826
Less: Fair value of EQRx equity awards converting to Revolution Medicines common stock attributable to post-combination service	(11,150)
Taxes paid by Revolution Medicines on behalf of EQRx to satisfy statutory income tax withholding obligations	$ 4,026	$ 4,000

Commitments and Contingencies - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 8,485	$ 8,854	$ 5,550
Less: Sublease income	(302)	(2,476)	(2,135)
Total operating lease cost, net	$ 8,183	$ 6,378	$ 3,415

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Nov. 30, 2021	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Accumulated deficit					$ 1,137,708	$ 701,341
Common stock, shares, issued					170,234,594	90,411,912
Net proceeds from issuance					$ 323,706	$ 248,126	$ 281,145
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	2,045,454	1,725,000		869,565
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	15,681,818	13,225,000		6,666,666
Common stock, price per share	$ 22	$ 20		$ 45
Net proceeds from issuance	$ 323,700	$ 248,100		$ 281,100
Underwriting discounts and commissions	20,700	15,900		18,000
Stock issuance expenses	$ 600	$ 500		$ 900
ATM \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance					$ 62,100	$ 49,900	$ 10,100
Shares issued					2,482,880	2,385,846	339,302
Aggregate gross proceeds through equity issuance maximum potential amount			$ 250,000
Commissions and expenses					$ 1,400	$ 1,400	$ 300
Proceeds from issuance of common stock gross					$ 63,500	$ 51,300	$ 10,400

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 23,613	$ 13,281
Accrued research and development	45,003	15,161
Accrued professional services	2,182	499
Other	3,896	505
Total accrued expenses and other current liabilities	$ 74,694	$ 29,446

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (436,367)	$ (248,705)	$ (187,091)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	52	19	119
Amortization of intangible assets	1,068	1,069	1,069
Stock-based compensation expense	61,772	31,196	20,724
Depreciation	5,042	3,972	3,083
Change in fair value of warrant liability and contingent earn-out shares	115	0	0
Net amortization of premium or discount on marketable securities	(22,205)	(3,078)	3,012
Amortization of operating lease right-of-use asset	3,199	4,615	3,180
Changes in operating assets and liabilities:
Accounts receivable	3,419	1,256	464
Prepaid expenses and other current assets	(2,646)	(3,779)	198
Accounts payable	32,469	7,288	2,239
Accrued expenses and other current liabilities	14,668	1,502	8,720
Deferred revenue	(4,459)	(14,472)	(1,661)
Operating lease liability	(1,532)	(2,428)	(1,468)
Deferred tax liability	(3,910)	(419)	0
Other noncurrent assets	(1,414)	(2,247)	81
Other noncurrent liabilities	157	(190)	151
Net cash used in operating activities	(350,572)	(224,401)	(147,180)
Cash flows from investing activities
Purchases of marketable securities	(1,058,916)	(612,769)	(671,335)
Maturities of marketable securities	724,047	599,469	526,754
Sales of marketable securities	0	0	8,992
Purchases of property and equipment	(7,729)	(10,816)	(6,528)
Net cash used in investing activities	(342,598)	(24,116)	(142,117)
Cash flows from financing activities
Cash, cash equivalents and restricted cash acquired in connection with EQRx Acquisition, net of transaction costs	840,834	0	0
Proceeds from issuance of common stock, net of issuance costs	323,706	248,126	281,145
Proceeds from issuance of common stock from at-the-market offering, net of transaction costs	62,053	49,919	10,096
Proceeds from issuance of common stock under equity incentive plans	3,316	1,481	1,487
Proceeds from issuance of common stock under employee stock purchase plan	3,317	1,864	1,875
Tax payment for common stock withheld in satisfaction of withholding tax requirements	(4,026)	0	0
Payments of deferred offering costs	0	42	(424)
Net cash provided by financing activities	1,229,200	301,432	294,179
Net increase in cash, cash equivalents and restricted cash	536,030	52,915	4,882
Cash, cash equivalents and restricted cash - beginning of year	163,149	110,234	105,352
Cash, cash equivalents and restricted cash - end of year	699,179	163,149	110,234
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	696,148	161,412	108,497
Restricted cash	3,031	1,737	1,737
Cash, cash equivalents and restricted cash - end of period	699,179	163,149	110,234
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock for EQRx acquisition	1,085,676	0	0
Fair value of net assets acquired in connection with EQRx Acquisition	291,475	0	0
EQRx acquisition transaction costs incurred but not paid	100	0	0
Vesting of early exercised options and restricted stock	0	143	149
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2,611	1,419	1,129
Advance payments for property and equipment	180	82	0
Right-of-use assets obtained in exchange for operating lease liabilities	25,271	0	35,437
Unpaid/deferred offering costs	$ 2	$ 2	$ 110

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,852,189	$ 647,465
Gross Unrealized Gain	1,102	47
Gross Unrealized Loss	(558)	(1,827)
Estimated Fair Value	1,852,733	$ 645,685
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,684,099
Gross Unrealized Gain	387
Gross Unrealized Loss	(556)
Estimated Fair Value	1,683,930
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	168,090
Gross Unrealized Gain	715
Gross Unrealized Loss	(2)
Estimated Fair Value	$ 168,803

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (aa)
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation:


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	288,757	$	288,757	$	—	$	—
Commercial paper		692,352		—		692,352		—
U.S. government and agency securities		786,406		—		786,406		—
Corporate bonds		85,218		—		85,218		—
Total	$	1,852,733	$	288,757	$	1,563,976	$	—
Liabilities:
Contingent earn-out liability		1,000		—		—		1,000
Warrant liabilities		6,512		3,643		2,869		—
Total	$	7,512	$	3,643	$	2,869	$	1,000


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	48,522	$	48,522	$	—	$	—
Commercial paper		313,928		—		313,928		—
U.S. government and agency securities		251,830		—		251,830		—
Corporate bonds		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (436,367)	$ (248,705)	$ (187,091)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 11,580	$ 35,380	$ 29,390
Revenue, Product and Service [Extensible Enumeration]	Collaboration Revenue Member	Collaboration Revenue Member	Collaboration Revenue Member
Operating expenses:
Research and development	$ 423,144	$ 253,073	$ 186,948
General and administrative	75,621	40,586	30,450
Total operating expenses	498,765	293,659	217,398
Loss from operations	(487,185)	(258,279)	(188,008)
Other income (expense), net:
Interest income	47,482	9,154	929
Interest and other expense	(303)	0	(12)
Change in fair value of warrant liability and contingent earn-out shares	115	0	0
Total other income, net	47,294	9,154	917
Loss before income taxes	(439,891)	(249,125)	(187,091)
Benefit from income taxes	3,524	420	0
Net loss	$ (436,367)	$ (248,705)	$ (187,091)
Net loss per share attributable to common stockholders, basic	$ (3.86)	$ (3.08)	$ (2.57)
Net loss per share attributable to common stockholders, diluted	$ (3.86)	$ (3.08)	$ (2.57)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic	113,149,869	80,626,525	72,806,079
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted	113,149,869	80,626,525	72,806,079
Comprehensive loss:
Net Income (Loss)	$ (436,367)	$ (248,705)	$ (187,091)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	2,324	(1,404)	(492)
Comprehensive loss	$ (434,043)	$ (250,109)	$ (187,583)

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


	December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	21,505		$	17,163
Leasehold improvements		11,952			11,404
Computer equipment and software		5,806			3,965
Furniture and fixtures		783			616
Construction in progress		513			—
		40,559			33,148
Less: accumulated depreciation and amortization		(17,694	)		(14,489	)
Property and equipment, net	$	22,865		$	18,659

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	23,613	$	13,281
Accrued research and development		45,003		15,161
Accrued professional services		2,182		499
Other		3,896		505
Total accrued expenses and other current liabilities	$	74,694	$	29,446

Insider Trading Arrangements - shares	3 Months Ended
Insider Trading Arrangements - shares	Dec. 31, 2023	Dec. 01, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Plans On December 1, 2023, Mark A. Goldsmith, M.D., Ph.D., the Company’s President and Chief Executive Officer and Chair of the Board of Directors, adopted a Rule 10b5-1 trading plan. Dr. Goldsmith’s Rule 10b5-1 trading plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and provides for (i) the potential exercise and sale of up to 150,000 shares of the Company’s common stock subject to a stock option held by Dr. Goldsmith, (ii) the potential sale of up to 15,000 shares of the Company’s common stock by a trust in which Dr. Goldsmith is a trustee and (iii) the potential sale of up to 15,000 shares of the Company’s common stock by a trust in which Dr. Goldsmith is a trustee, in each case until March 31, 2025.
Name	Mark A. Goldsmith
Title	M.D., Ph.D., the Company’s President and Chief Executive Officer and Chair of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 1, 2023
Arrangement Duration	486 days
Aggregate Available		150,000
Trading Arrangement Expiration Date	March 31, 2025

Stock-Based Compensation - Summary of Fair Value of Stock Option Awards Estimated at Date of Grant (Details) - Employee And Director	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years	6 years	6 years
Expected volatility, minimum	73.00%	70.00%	70.00%
Expected volatility, maximum	75.00%	73.00%	75.00%
Risk-free interest rate, minimum	3.50%	1.50%	0.50%
Risk-free interest rate, maximum	4.70%	4.20%	1.30%
Dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (f)(2)(ii)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

6. Balance sheet components

Property and equipment, net

Property and equipment, net consist of the following:


	December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	21,505		$	17,163
Leasehold improvements		11,952			11,404
Computer equipment and software		5,806			3,965
Furniture and fixtures		783			616
Construction in progress		513			—
		40,559			33,148
Less: accumulated depreciation and amortization		(17,694	)		(14,489	)
Property and equipment, net	$	22,865		$	18,659

Depreciation and amortization expense for property and equipment amounted to $5.0 million, $4.0 million and $3.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2023		2022
	(in thousands)
Accrued compensation	$	23,613	$	13,281
Accrued research and development		45,003		15,161
Accrued professional services		2,182		499
Other		3,896		505
Total accrued expenses and other current liabilities	$	74,694	$	29,446

Acquisition of Warp Drive (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the Closing Date:


	Amount
	(in thousands)
Cash and cash equivalents	$	860,918
Marketable securities		313,878
Prepaid expenses and other current assets		12,084
Restricted cash		633
Other noncurrent assets		2,912
Accounts payable		(6,893	)
Accrued expenses and other current liabilities		(30,506	)
Net assets acquired	$	1,153,026

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Years Ended December 31,
	2023			2022			2021
	(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(436,367	)	$	(248,705	)	$	(187,091	)
Denominator:
Weighted-average shares outstanding		113,149,869			80,636,570			72,866,022
Less: Weighted-average unvested restricted shares and shares subject to repurchase		—			(10,045	)		(59,943	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		113,149,869			80,626,525			72,806,079
Net loss per share attributable to common stockholders, basic and diluted	$	(3.86	)	$	(3.08	)	$	(2.57	)

Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	As of December 31,
	2023		2022		2021
Options to purchase common stock		11,083,349		8,164,375		6,050,938
Options early exercised subject to future vesting		—		6,918		30,378
Unvested restricted stock units of common stock		2,161,267		1,175,032		423,621
Expected shares to be purchased under ESPP		230,651		378,429		176,131
Warrants outstanding		2,194,342		—		—
Earn-out shares		973,976		—		—
Total		16,643,585		9,724,754		6,681,068

Sanofi Collaboration Agreement

12 Months Ended

Dec. 31, 2023

Collaboration Agreement [Abstract]

Sanofi Collaboration Agreement

9. Sanofi collaboration agreement

In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) to research and develop SHP2 inhibitors, including RMC-4630, for any indications. The Sanofi Agreement was assigned to Genzyme Corporation, a Sanofi affiliate, in December 2018. For the purposes of this discussion, the Company refers to Genzyme Corporation as Sanofi. The Sanofi Agreement was terminated in June 2023.

Pursuant to the Sanofi Agreement, the Company granted Sanofi a worldwide, exclusive, sublicensable (subject to the Company’s consent in certain circumstances) license under certain of the Company’s patents and know-how to research, develop, manufacture, use, sell, offer for sale, import and otherwise commercialize SHP2 inhibitors, including RMC-4630, for any and all uses, subject to the Company’s exercise of rights and performance of obligations under the Sanofi Agreement.

Under the Sanofi Agreement, the Company had primary responsibility for early clinical development of RMC-4630 pursuant to an approved development plan. Sanofi was responsible for reimbursing the Company for all internal and external costs and expenses to perform its activities under approved development plans, except for costs and expenses related to the RMC-4630-03 study, for which Sanofi reimbursed the Company 50% of the costs and expenses.

Pursuant to the Sanofi Agreement, the Company received an upfront payment of $50 million from Sanofi in July 2018. The Sanofi Agreement included obligations for Sanofi to make certain milestone payments and royalty payments, all of which expired on termination of the Sanofi Agreement.

Upon termination of the Sanofi Agreement, the licenses granted to Sanofi thereunder became fully paid-up, royalty-free, perpetual and irrevocable and all rights and obligations of Sanofi under the Sanofi Agreement reverted to the Company.

The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation.

For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends on the termination date in June 2023.

During the years ended December 31, 2023, 2022 and 2021, the Company recognized $11.6 million, $35.4 million and $29.4 million of collaboration revenue associated with this agreement, respectively.

As of December 31, 2023 and 2022, zero and $4.5 million of deferred revenue was classified as current, respectively.

Available-for-sale Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses

The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:


	December 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized				Estimated
	cost		gain		loss				fair value
	(in thousands)
Marketable securities:
Commercial paper	$	460,979	$	108	$	(100	)		$	460,987
U.S. government and agency securities		610,188		769		(355	)			610,602
Corporate bonds		85,030		189		(1	)			85,218
Total marketable securities		1,156,197		1,066		(456	)			1,156,807
Cash equivalents:
Money market funds		288,757		—		—				288,757
Commercial paper		231,380		33		(48	)			231,365
U.S. government and agency securities		175,855		3		(54	)			175,804
Total cash equivalents		695,992		36		(102	)	—		695,926
Total available-for-sale investments	$	1,852,189	$	1,102	$	(558	)		$	1,852,733


	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	216,765	$	—	$	(328	)	$	216,437
U.S. government and agency securities		236,916		43		(1,270	)		235,689
Corporate bonds		31,599		—		(194	)		31,405
Total marketable securities		485,280		43		(1,792	)		483,531
Cash equivalents:
Money market funds		48,522		—		—			48,522
Commercial paper		97,526		—		(35	)		97,491
Corporate bonds		16,137		4		—			16,141
Total cash equivalents		162,185		4		(35	)		162,154
Total available-for-sale investments	$	647,465	$	47	$	(1,827	)	$	645,685

Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity

The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2023:


	December 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	1,684,099	$	387	$	(556	)	$	1,683,930
Mature after one year through two years		168,090		715		(2	)		168,803
Total marketable securities	$	1,852,189	$	1,102	$	(558	)	$	1,852,733

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Income Taxes - Schedule of Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (440,683)	$ (249,125)
International	792	0
Income (loss) before provision for income taxes	$ (439,891)	$ (249,125)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

(Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar.

Use of Estimates

Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents

Marketable Securities

Marketable securities

Restricted Cash

Restricted cash

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of credit risk and other risks and uncertainties

Fair Value Measurement

Fair value measurement

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment, Net

Property and equipment, net

Useful lives of property and equipment are as follows:


Property and equipment		Estimated useful life
Laboratory equipment		4-5 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term
Computer equipment and software		3 years
Furniture and fixtures		5 years

Leases

Impairment of Long-Lived Assets

Impairment of long-lived assets

Acquired Intangible Assets

Acquired intangible assets

Goodwill

Warrants

Revenue Recognition

Revenue recognition

Research and Development Expenditures

Research and development expenditures

Stock-Based Compensation

Stock-based compensation

Comprehensive Loss

Comprehensive loss

For the years ended December 31, 2023, 2022 and 2021, other comprehensive income (loss) included net unrealized gains or losses on marketable securities.

Income Taxes

Income taxes

Net Loss per Share Attributable to Common Stockholders

Net loss per share attributable to common stockholders

Segment Reporting

Segment reporting

Recent Accounting Pronouncements

Recent accounting pronouncements

Recently announced accounting pronouncements

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7. Intangible assets and goodwill

Intangible assets, net

Intangible assets, net consist of the following as of December 31, 2023:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(5,541	)		1,939		1.9
Total	$	63,280	$	(5,541	)	$	57,739

Amortization expense was $1.1 million for each of the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2024	$	1,069
2025		870
Total	$	1,939

Intangible assets, net consist of the following as of December 31, 2022:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(4,473	)		3,007		2.9
Total	$	63,280	$	(4,473	)	$	58,807

Goodwill

Goodwill consists of the following:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at December 31, 2023	$	14,608

No impairment has been recognized as of December 31, 2023. Goodwill is not deductible for income tax purposes.

Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	$ 860,918
Marketable securities	313,878
Prepaid expenses and other current assets	12,084
Restricted cash	633
Other noncurrent assets	2,912
Accounts payable	(6,893)
Accrued expenses and other current liabilities	(30,506)
Net assets acquired	$ 1,153,026

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Follow-on Public Offering
Stock issuance cost	$ 21,294	$ 16,374	$ 18,855
Acquisition of EQRx, Inc
Stock issuance cost	$ 20,717

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Follow-on Public Offering	Market offering	At The Market Equity Offering	Acquisition of EQRx, Inc	Common Stock	Common Stock Follow-on Public Offering	Common Stock Market offering	Common Stock At The Market Equity Offering	Common Stock Acquisition of EQRx, Inc	Additional Paid-In Capital	Additional Paid-In Capital Follow-on Public Offering	Additional Paid-In Capital Market offering	Additional Paid-In Capital At The Market Equity Offering	Additional Paid-In Capital Acquisition of EQRx, Inc	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 474,676					$ 7					$ 740,098					$ 116	$ (265,545)
Beginning balance, shares at Dec. 31, 2020						66,599,748
Issuance of common stock pursuant to stock option exercises	1,487										1,487
Issuance of common stock pursuant to stock option exercises, shares						388,695
Issuance of common stock related to employee stock purchase plan	1,875										1,875
Issuance of common stock related to employee stock purchase plan, shares						75,991
Issuance of common stock related to vesting of restricted stock units, shares						78,010
Vesting of early exercised stock options	148										148
Repurchases of early exercised stock, shares						(5,793)
Issuance of common stock		$ 281,145		$ 10,096			$ 1					$ 281,144		$ 10,096
Issuance of common stock, shares							6,666,666		339,302
Stock-based compensation expense	20,724										20,724
Net unrealized gain (loss) on marketable securities	(492)															(492)
Net Income (Loss)	(187,091)																(187,091)
Ending balance at Dec. 31, 2021	602,568					$ 8					1,055,572					(376)	(452,636)
Ending balance, shares at Dec. 31, 2021						74,142,619
Issuance of common stock pursuant to stock option exercises	1,481										1,481
Issuance of common stock pursuant to stock option exercises, shares						249,544
Issuance of common stock related to employee stock purchase plan	1,864										1,864
Issuance of common stock related to employee stock purchase plan, shares						130,327
Issuance of common stock related to vesting of restricted stock units, shares						278,848
Vesting of early exercised stock options	143										143
Repurchases of early exercised stock, shares						(272)
Issuance of common stock		248,126		$ 49,919			$ 1					248,125		$ 49,919
Issuance of common stock, shares							13,225,000		2,385,846
Stock-based compensation expense	31,196										31,196
Net unrealized gain (loss) on marketable securities	(1,404)															(1,404)
Net Income (Loss)	(248,705)																(248,705)
Ending balance at Dec. 31, 2022	685,188					$ 9					1,388,300					(1,780)	(701,341)
Ending balance, shares at Dec. 31, 2022						90,411,912
Issuance of common stock pursuant to stock option exercises	3,316										3,316
Issuance of common stock pursuant to stock option exercises, shares						524,094
Issuance of common stock related to employee stock purchase plan	3,317										3,317
Issuance of common stock related to employee stock purchase plan, shares						210,679
Issuance of common stock related to vesting of restricted stock units, shares						576,974
Repurchases of early exercised stock, shares						(291)
Issuance of common stock		$ 323,706	$ 62,053		$ 1,120,885		$ 2			$ 5		$ 323,704	$ 62,053		$ 1,120,880
Issuance of common stock, shares							15,681,818	2,482,880		54,786,528
Stock-based compensation expense	61,772										61,772
Net unrealized gain (loss) on marketable securities	2,324															2,324
Net Income (Loss)	(436,367)																(436,367)
Ending balance at Dec. 31, 2023	$ 1,826,194					$ 16					$ 2,963,342					$ 544	$ (1,137,708)
Ending balance, shares at Dec. 31, 2023						164,674,594

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2022	$ 14,608
Adjustment	0
Balance at December 31, 2023	$ 14,608

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	170,234,594	90,411,912
Common stock, shares, outstanding	164,674,594	90,411,912

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair value measurements

The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation:


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	288,757	$	288,757	$	—	$	—
Commercial paper		692,352		—		692,352		—
U.S. government and agency securities		786,406		—		786,406		—
Corporate bonds		85,218		—		85,218		—
Total	$	1,852,733	$	288,757	$	1,563,976	$	—
Liabilities:
Contingent earn-out liability		1,000		—		—		1,000
Warrant liabilities		6,512		3,643		2,869		—
Total	$	7,512	$	3,643	$	2,869	$	1,000


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	48,522	$	48,522	$	—	$	—
Commercial paper		313,928		—		313,928		—
U.S. government and agency securities		251,830		—		251,830		—
Corporate bonds		31,405		—		31,405		—
Total	$	645,685	$	48,522	$	597,163	$	—

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities.

There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

The fair value of the warrant liability was based on observable listed prices for such warrants. The fair value of the public warrants is categorized as Level 1. The fair value of the private warrants is categorized as Level 2 as they are equivalent to the public warrants as they have substantially the same terms; however they are not actively traded.

The contingent earn-out liability accounted for under ASC 815 is categorized as Level 3 fair value measurements within the fair value hierarchy because the Company estimates projections utilizing unobservable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

The Company’s income (loss) before provision for income taxes for the years ended December 31, 2023 and 2022 consist of the following:


	December 31,
	2023			2022
	(in thousands)
Domestic	$	(440,683	)	$	(249,125	)
International		792			—
Income (loss) before provision for income taxes	$	(439,891	)	$	(249,125	)

The components of the provision for income taxes for the years ended December 31, 2023 and 2022 consist of the following:


	December 31,
	2023			2022
	(in thousands)
Current:
Federal	$	—		$	—
State		112			—
Foreign		212			—
Total current		324			—
Deferred:
Federal		—			—
State		(3,865	)		(420	)
Foreign		17			—
Total deferred		(3,848	)		(420	)
Benefit for income taxes	$	(3,524	)	$	(420	)

The Company recorded an income tax benefit of 3.5 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively, which reflects a change in state tax rate applied to the indefinite lived intangibles recorded as part of our acquisition of Warp Drive Bio in 2018. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse.

The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year Ended December 31,
	2023			2022
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate, net of federal benefit		-2.3	%		9.4	%
Foreign rate differential		0.0	%		0.0	%
Research tax credits		2.7	%		3.2	%
Change in valuation allowance		-19.8	%		-32.4	%
Non-deductible permanent expenses		0.1	%		-0.1	%
Stock based compensation		-0.8	%		-0.9	%
Other		-0.1	%		0.0	%
Benefit from income taxes		0.8	%		0.2	%

Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the deferred tax assets are as follows (in thousands):


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	147,576		$	132,080
Accruals and reserves		5,747			5,494
Research and development credits		34,755			22,558
Lease liability		19,628			18,998
Stock-based compensation		9,872			7,063
Capitalized research expenses		185,909			64,149
Other		161			42
Gross deferred tax assets		403,648			250,384
Less: valuation allowance		(376,762	)		(224,125	)
Total deferred tax assets		26,886			26,259
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets		(9,683	)		(9,961	)
Indefinite-lived intangible assets		(3,099	)		(7,025	)
Right-of-use asset		(17,219	)		(16,298	)
Gross deferred tax liabilities		(30,001	)		(33,284	)
Net deferred tax liability	$	(3,115	)	$	(7,025	)

The realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the net deferred tax assets have been offset by a valuation allowance excluding certain indefinite lived intangibles. The valuation allowance increased by $152.6 million and $80.7 million during the years ended December 31, 2023 and 2022, respectively. The Company had federal and state net operating loss carryforwards of $520.8 million and $793.0 million, respectively, as of December 31, 2023. The federal net operating loss carryforwards, if not utilized, will expire beginning in 2035, with the exception of $427.1 million in federal net operating loss carryforwards, which can be carried forward indefinitely. State net operating loss carryforwards, if not utilized, will expire beginning in 2035. Under the Tax Cuts and Jobs Act (TCJA), federal net operating losses arising after December 31, 2017 do not expire and cannot be carried back. However, the TCJA limits the amount of federal net operating losses that can be used annually to 80% of taxable income for periods beginning after December 31, 2017. Existing federal net operating losses arising in years ending on or before December 31, 2017 are not affected by these provisions.

The Company also had federal and state research and development credit carryforwards of $32.1 million and $17.1 million, respectively, as of December 31, 2023. The federal research credits will expire beginning in 2034 if not utilized and the state research credits will expire beginning in 2031, with the exception of $16.3 million in California research credits, which can be carried forward indefinitely. Federal and state tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in 2014, 2020 and 2023 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. The Company's deferred tax assets have been reduced by the amount of net operating loss carryforwards expected to expire due to the limitation. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.

The TCJA amended Internal Revenue Code Section 174 requiring capitalization of specified research and experimental expenditures paid or incurred in tax years beginning after December 31, 2021 and amortizing over a period of 5 or 15 years. This resulted in a deferred tax asset for capitalized research expenses in 2023 and 2022.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	December 31,
	2023		2022
	(in thousands)
Beginning balance	$	7,602	$	5,143
Changes related to tax positions taken in the prior year		155,178		(7	)
Changes related to tax positions taken in the current year		28,627		2,466
Ending balance	$	191,407	$	7,602

The Company has unrecognized tax benefits of $184.2 million and $7.1 million as of December 31, 2023 and 2022, which would affect the effective tax rate if recognized; however, recognition would be in the form of a deferred tax attribute which would likely be offset by a valuation allowance. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company has recognized no interest or penalties related to uncertain tax positions for the periods presented.

Income tax returns are filed in the United States. The years 2010 through 2023 remain open to examination by the domestic taxing jurisdictions to which the Company is subject. Net operating losses generated on a tax return basis by the Company for 2010 through 2023 remain open to examination by the domestic taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 61,772	$ 31,196	$ 20,724
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	34,126	18,113	11,847
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 27,646	$ 13,083	$ 8,877

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		164,690,408
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Small Business	false
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Entity Public Float			$ 2,757
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the Registrant’s 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2023.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	San Jose, California
Auditor Firm ID	238
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase 0.1112 shares of common stock expiring 2026
Trading Symbol	RVMDW
Security Exchange Name	NASDAQ

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 29, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		21,880,211	17,766,601
Intrinsic value of the options exercised		$ 10,700	$ 3,800	$ 13,100
Weighted-average grant-date fair value of options granted		$ 17.82	$ 12.33	$ 25.13
Unrecognized stock-based compensation expense related to unvested stock options		$ 79,500
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 9 months
The fair-value of the unvested portion of the accelerated equity awards		$ 11,200
Stock-based compensation expense		61,772	$ 31,196	$ 20,724
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
The fair-value of the unvested portion of the accelerated equity awards		3,700
Stock-based compensation expense		34,126	18,113	11,847
General and Administration
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
The fair-value of the unvested portion of the accelerated equity awards		7,500
Stock-based compensation expense		27,646	13,083	8,877
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options		$ 51,000
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 11 months 12 days
RSU vested, fair value		$ 14,300	$ 7,900	$ 3,100
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		2,394,407
Purchase price rate	85.00%
Shares purchases		210,679
Unrecognized compensation cost related to ESPP		$ 3,300

Income Taxes - Schedule of Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0
State	112	0
Foreign	212	0
Total current	324	0
Deferred:
Federal	0	0
State	(3,865)	(420)
Foreign	17	0
Total deferred	(3,848)	(420)
Benefit for income taxes	$ (3,524)	$ (420)	$ 0

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 1,852,733	$ 645,685
Liabilities fair value	7,512
Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	1,000
Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	6,512
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	288,757	48,522
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	692,352	313,928
U.S. government and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	786,406	251,830
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	85,218	31,405
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	288,757	48,522
Liabilities fair value	3,643
Level 1 \| Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	0
Level 1 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	3,643
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	288,757	48,522
Level 1 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 1 \| U.S. government and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 1 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	1,563,976	597,163
Liabilities fair value	2,869
Level 2 \| Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	0
Level 2 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	2,869
Level 2 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	692,352	313,928
Level 2 \| U.S. government and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	786,406	251,830
Level 2 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	85,218	31,405
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Liabilities fair value	1,000
Level 3 \| Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	1,000
Level 3 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	0
Level 3 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| U.S. government and agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 3 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 0	$ 0

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of December 31, 2023:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(5,541	)		1,939		1.9
Total	$	63,280	$	(5,541	)	$	57,739

Intangible assets, net consist of the following as of December 31, 2022:


	Gross value		Accumulated amortization			Net book value		Weighted- average remaining useful life
	(in thousands)							(in years)
In-process research and development — RAS Programs	$	55,800	$	—		$	55,800	n/a
Developed technology — tri-complex platform		7,480		(4,473	)		3,007		2.9
Total	$	63,280	$	(4,473	)	$	58,807

Schedule of Future Amortization Expense

As of December 31, 2023, future amortization expense is as follows:


	Amount
	(in thousands)
2024	$	1,069
2025		870
Total	$	1,939

Schedule of Goodwill

Goodwill consists of the following:


	Amount
	(in thousands)
Balance at December 31, 2022	$	14,608
Adjustment		—
Balance at December 31, 2023	$	14,608

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Acquisition - Additional Information (Details) - USD ($)		12 Months Ended
	Nov. 09, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Shares of commomn stock issued		170,234,594	90,411,912
Common stock, par or stated value per share		$ 0.0001	$ 0.0001
EQRx common stock		$ 16,000	$ 9,000
Transaction costs		20,700,000
Fair-value of the unvested portion		11,200,000
Research and Development
Business Acquisition [Line Items]
Fair-value of the unvested portion		3,700,000
General and Administration
Business Acquisition [Line Items]
Fair-value of the unvested portion		$ 7,500,000
EQRx Acquisition
Business Acquisition [Line Items]
Stock issued to EQRx stockholders		5,560,000
Compensation cost		$ 11,200,000
Right to receive	0.1112
Shares of commomn stock issued	54,800,000
Share price	$ 20.02
Taxes to satisfy statutory income tax withholding obligations	$ 4,000,000	4,026,000
Fair value of the cost of the asset acquisition		$ 55,900,000
Earn out Shares		82.00%
Earn-out shares triggering events		973,976
Business acquisition severance and other employee-related post-combination expenses		$ 14,300,000
EQRx Acquisition \| Research and Development
Business Acquisition [Line Items]
Business acquisition severance and other employee-related post-combination expenses		8,200,000
EQRx Acquisition \| General and Administration
Business Acquisition [Line Items]
Business acquisition severance and other employee-related post-combination expenses		6,100,000
EQRx Acquisition \| Warrants
Business Acquisition [Line Items]
Fair value of the Warrants		$ 6,900
Warrants expiration date		Dec. 31, 2026
EQRx Acquisition \| Public Warrants and Private Placement Warrants
Business Acquisition [Line Items]
Warrant purchase		0.1112
Warrant exercise price		11.5
EQRx Acquisition \| Public Warrants
Business Acquisition [Line Items]
Warrants		$ 11,039,957
EQRx Acquisition \| Private Placement Warrants
Business Acquisition [Line Items]
Warrants		$ 8,693,333
EQRx Acquisition \| Earn-out shares
Business Acquisition [Line Items]
Stock issued to EQRx stockholders		681,784
Share price		$ 112.41
Fair value of the Warrants		$ 500
Earn-out shares expiration date		Dec. 17, 2024
EQRx Acquisition \| Earn-out shares \| Minimum
Business Acquisition [Line Items]
Consecutive trading days		20 days
EQRx Acquisition \| Earn-out shares \| Maximum
Business Acquisition [Line Items]
Consecutive trading days		30 days
EQRx Acquisition \| Additional earn out shares
Business Acquisition [Line Items]
Share price		$ 148.38
Stock issued during period, additional shares, acquisitions		292,192
EQRx Acquisition \| Additional earn out shares \| Minimum
Business Acquisition [Line Items]
Consecutive trading days		20 days
EQRx Acquisition \| Additional earn out shares \| Maximum
Business Acquisition [Line Items]
Consecutive trading days		30 days

Available-for-sale Securities - Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,852,189	$ 647,465
Gross Unrealized Gain	1,102	47
Gross Unrealized Loss	(558)	(1,827)
Estimated Fair Value	1,852,733	645,685
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,156,197	485,280
Gross Unrealized Gain	1,066	43
Gross Unrealized Loss	(456)	(1,792)
Estimated Fair Value	1,156,807	483,531
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	460,979	216,765
Gross Unrealized Gain	108	0
Gross Unrealized Loss	(100)	(328)
Estimated Fair Value	460,987	216,437
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	85,030	31,599
Gross Unrealized Gain	189	0
Gross Unrealized Loss	(1)	(194)
Estimated Fair Value	85,218	31,405
Marketable Securities \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	610,188	236,916
Gross Unrealized Gain	769	43
Gross Unrealized Loss	(355)	(1,270)
Estimated Fair Value	610,602	235,689
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	695,992	162,185
Gross Unrealized Gain	36	4
Gross Unrealized Loss	(102)	(35)
Estimated Fair Value	695,926	162,154
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	288,757	48,522
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	288,757	48,522
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	231,380	97,526
Gross Unrealized Gain	33	0
Gross Unrealized Loss	(48)	(35)
Estimated Fair Value	231,365	97,491
Cash Equivalents \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		16,137
Gross Unrealized Gain		4
Gross Unrealized Loss		0
Estimated Fair Value		$ 16,141
Cash Equivalents \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	175,855
Gross Unrealized Gain	3
Gross Unrealized Loss	(54)
Estimated Fair Value	$ 175,804

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

The Company’s income (loss) before provision for income taxes for the years ended December 31, 2023 and 2022 consist of the following:


	December 31,
	2023			2022
	(in thousands)
Domestic	$	(440,683	)	$	(249,125	)
International		792			—
Income (loss) before provision for income taxes	$	(439,891	)	$	(249,125	)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2023 and 2022 consist of the following:


	December 31,
	2023			2022
	(in thousands)
Current:
Federal	$	—		$	—
State		112			—
Foreign		212			—
Total current		324			—
Deferred:
Federal		—			—
State		(3,865	)		(420	)
Foreign		17			—
Total deferred		(3,848	)		(420	)
Benefit for income taxes	$	(3,524	)	$	(420	)

Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes

The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows:


	Year Ended December 31,
	2023			2022
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate, net of federal benefit		-2.3	%		9.4	%
Foreign rate differential		0.0	%		0.0	%
Research tax credits		2.7	%		3.2	%
Change in valuation allowance		-19.8	%		-32.4	%
Non-deductible permanent expenses		0.1	%		-0.1	%
Stock based compensation		-0.8	%		-0.9	%
Other		-0.1	%		0.0	%
Benefit from income taxes		0.8	%		0.2	%

Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	147,576		$	132,080
Accruals and reserves		5,747			5,494
Research and development credits		34,755			22,558
Lease liability		19,628			18,998
Stock-based compensation		9,872			7,063
Capitalized research expenses		185,909			64,149
Other		161			42
Gross deferred tax assets		403,648			250,384
Less: valuation allowance		(376,762	)		(224,125	)
Total deferred tax assets		26,886			26,259
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets		(9,683	)		(9,961	)
Indefinite-lived intangible assets		(3,099	)		(7,025	)
Right-of-use asset		(17,219	)		(16,298	)
Gross deferred tax liabilities		(30,001	)		(33,284	)
Net deferred tax liability	$	(3,115	)	$	(7,025	)

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	December 31,
	2023		2022
	(in thousands)
Beginning balance	$	7,602	$	5,143
Changes related to tax positions taken in the prior year		155,178		(7	)
Changes related to tax positions taken in the current year		28,627		2,466
Ending balance	$	191,407	$	7,602

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 40,559	$ 33,148
Less: accumulated depreciation and amortization	(17,694)	(14,489)
Property and equipment, net	22,865	18,659
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	21,505	17,163
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	11,952	11,404
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,806	3,965
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	783	616
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 513	$ 0

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, current	$ 0	$ 4,459
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received				$ 50,000
Percentage of reimbursement of internal and external research costs and expenses under research plan	50.00%
Collaboration revenue recognized	$ 11,600	$ 35,400	$ 29,400
Collaborative Arrangement, Revenue Not from Contract with Customer, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax	Revenue from Contract with Customer, Excluding Assessed Tax
Deferred revenue, current	$ 0	$ 4,500

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and contingencies

Leases

In January 2015, as amended in September 2016, the Company entered into an operating lease for approximately 42,000 square feet of office and laboratory space located at 700 Saginaw Drive, Redwood City, California (the 700 Building), with a term through April 2023. In April 2020, the Company amended the lease to lease an additional 19,000 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California (the 300 Building), and to extend the lease term through December 2030. In November 2021, the Company amended the lease to lease an additional 41,000 square feet of office, laboratory and research and development space located at 800 Saginaw Drive, Redwood City, California (the 800 Building), and to extend the lease term through November 2033. In March 2023, the Company amended the lease to lease an additional approximately 40,000 square feet of office, laboratory and research and development space located at 900 Saginaw Drive, Redwood City, California (the 900 Building), and to extend the lease term through December 31, 2035. The Company has the option to extend the lease for an additional ten years after December 31, 2035. The Company obtained possession of the 900 Building in October 2023.

The Company maintains letters of credit for the benefit of the landlord which are classified as restricted cash in the consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $2.4 million and $1.5 million as of December 31, 2023 and December 31, 2022, respectively.

Through December 31, 2023, the landlord had provided the Company with $9.6 million in tenant improvement allowances collectively for the 700 Building, 300 Building and 900 Building, which were recognized as lease incentives. The lease incentives are being amortized as an offset to rent expense over the lease term in the consolidated statements of operations and comprehensive loss.

Upon the execution of the lease in April 2020, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the adoption of ASC 842 for the lease. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 300 Building, which is being accounted for as an operating lease, and the other is related to the modification of the original lease term for the 700 Building. As a result, the Company recorded a right-of-use asset of $6.4 million and a lease liability of $9.0 million for the 300 Building and an increase of $14.8 million to the right-of-use asset and lease liability for the 700 Building upon execution of the lease amendment. The Company is recognizing rent expense for both buildings on a straight-line basis through the remaining extended term of the lease.

Upon the execution of the lease amendment in November 2021, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in April 2020. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 800 Building, which is being accounted for as an operating lease, and the other is related to the modification of the lease term, as amended in April 2020, for the 700 Building and 300 Building. As a result, the Company recorded a right-of-use asset and a lease liability of $26.8 million for the 800 Building and an aggregate increase of $8.6 million to the right-of-use assets and lease liabilities for the 700 Building and 300 Building upon execution of the lease amendment. The Company is recognizing rent expense for the buildings on a straight-line basis through the remaining extended term of the lease.

Upon the execution of the lease amendment in March 2023, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in November 2021. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 900 Building, which is being accounted for as an operating lease, and the other is related to the modification of the lease term, as amended in November 2021, for the 700 Building, 300 Building and 800 Building. As a result, the Company recorded a right-of-use asset and a lease liability of $25.0 million for the 900 Building and an aggregate increase of $0.3 million to the right-of-use assets and lease liabilities for the 700 Building, 300 Building and 800 Building upon execution of the lease amendment. The Company is recognizing rent expense for the buildings on a straight-line basis through the remaining extended term of the lease.

The balance sheet classification of the Company’s operating lease liabilities was as follows:


	December 31,
	2023
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	7,369
Operating lease liability – noncurrent		80,575
Total operating lease liabilities	$	87,944

The components of lease costs for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	December 31,
	2023			2022			2021
Operating lease cost	$	8,485		$	8,854		$	5,550
Less: Sublease income		(302	)		(2,476	)		(2,135	)
Total operating lease cost, net(1)	$	8,183		$	6,378		$	3,415

(1) Net lease cost does not include short-term lease and variable lease costs, which were immaterial.

As of December 31, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2024	$	7,767
2025		10,476
2026		10,843
2027		11,222
2028		11,615
Thereafter		93,486
Total undiscounted lease payments	$	145,409
Less: Imputed interest		(57,465	)
Total operating lease liabilities	$	87,944

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate. The weighted-average discount rate used to determine the operating lease liability was 8.4%. As of December 31, 2023 and 2022, the weighted-average remaining lease term is 12.0 years and 10.9 years, respectively.

In conjunction with the EQRx Acquisition, the Company assumed an operating lease in Cambridge, Massachusetts with a lease term through July 2024. As part of the operating lease, the Company assumed outstanding lease payments of $2.5 million, which are included in accrued expenses and other current liabilities as of December 31, 2023.

Legal matters

From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated. As of December 31, 2023, 2022 and 2021, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Indemnification

The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal.

Other

The Company enters into agreements in the ordinary course of business with contract research organizations for clinical trials, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical studies and other services and products for operating purposes which are generally cancelable at any time by us upon 30 to 90 days prior written notice.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Balance Sheet Classification of Operating Lease Liabilities

The balance sheet classification of the Company’s operating lease liabilities was as follows:


	December 31,
	2023
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	7,369
Operating lease liability – noncurrent		80,575
Total operating lease liabilities	$	87,944

Summary of Components of Lease Costs

The components of lease costs for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):


	December 31,
	2023			2022			2021
Operating lease cost	$	8,485		$	8,854		$	5,550
Less: Sublease income		(302	)		(2,476	)		(2,135	)
Total operating lease cost, net(1)	$	8,183		$	6,378		$	3,415

(1) Net lease cost does not include short-term lease and variable lease costs, which were immaterial.

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2024	$	7,767
2025		10,476
2026		10,843
2027		11,222
2028		11,615
Thereafter		93,486
Total undiscounted lease payments	$	145,409
Less: Imputed interest		(57,465	)
Total operating lease liabilities	$	87,944

Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 7,369	$ 6,773
Operating lease liability – noncurrent	80,575	$ 57,432
Total operating lease liabilities	$ 87,944

Available-for-sale Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

5. Available-for-sale securities

The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:


	December 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized				Estimated
	cost		gain		loss				fair value
	(in thousands)
Marketable securities:
Commercial paper	$	460,979	$	108	$	(100	)		$	460,987
U.S. government and agency securities		610,188		769		(355	)			610,602
Corporate bonds		85,030		189		(1	)			85,218
Total marketable securities		1,156,197		1,066		(456	)			1,156,807
Cash equivalents:
Money market funds		288,757		—		—				288,757
Commercial paper		231,380		33		(48	)			231,365
U.S. government and agency securities		175,855		3		(54	)			175,804
Total cash equivalents		695,992		36		(102	)	—		695,926
Total available-for-sale investments	$	1,852,189	$	1,102	$	(558	)		$	1,852,733


	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	216,765	$	—	$	(328	)	$	216,437
U.S. government and agency securities		236,916		43		(1,270	)		235,689
Corporate bonds		31,599		—		(194	)		31,405
Total marketable securities		485,280		43		(1,792	)		483,531
Cash equivalents:
Money market funds		48,522		—		—			48,522
Commercial paper		97,526		—		(35	)		97,491
Corporate bonds		16,137		4		—			16,141
Total cash equivalents		162,185		4		(35	)		162,154
Total available-for-sale investments	$	647,465	$	47	$	(1,827	)	$	645,685

The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2023:


	December 31, 2023
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	1,684,099	$	387	$	(556	)	$	1,683,930
Mature after one year through two years		168,090		715		(2	)		168,803
Total marketable securities	$	1,852,189	$	1,102	$	(558	)	$	1,852,733

Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance	$ 7,602	$ 5,143
Changes related to tax positions taken in the prior year		(7)
Changes related to tax positions taken in the prior year	155,178
Changes related to tax positions taken in current year	28,627	2,466
Ending balance	$ 191,407	$ 7,602

Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Number of Shares of Common Stock Revolution Medicines Issued to EQRx Equity Holders

The following table reflects the consideration transferred by the Company:


	Amount
	(in thousands)
Fair value of shares of combined company to be owned by EQRx stockholders (1)	$	1,096,826
Less: Fair value of EQRx equity awards converting to Revolution Medicines common stock attributable to post-combination service	$	(11,150	)
Taxes paid by Revolution Medicines on behalf of EQRx to satisfy statutory income tax withholding obligations		4,026
Fair value of warrants		6,907
Fair value of contingent earn-out shares		490
Purchase price	$	1,097,099

Schedule of Allocation of Consideration Transferred to the Assets Acquired and Liabilities

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the Closing Date:


	Amount
	(in thousands)
Cash and cash equivalents	$	860,918
Marketable securities		313,878
Prepaid expenses and other current assets		12,084
Restricted cash		633
Other noncurrent assets		2,912
Accounts payable		(6,893	)
Accrued expenses and other current liabilities		(30,506	)
Net assets acquired	$	1,153,026

Schedule of Excess of Fair Value of Assets Acquired Over the Purchase Consideration Under Asset Acquisition Accounting

The excess fair value of net assets acquired over the purchase price was $55.9 million and was recorded to additional paid-in capital. The following table calculates the excess of fair value of assets acquired over the purchase consideration under asset acquisition accounting:


	Amount
	(in thousands)
Purchase price	$	1,097,099
Less: net assets acquired		(1,153,026	)
Remaining excess fair value of net assets acquired over the purchase price	$	(55,927	)

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 7,767
2025	10,476
2026	10,843
2027	11,222
2028	11,615
Thereafter	93,486
Total undiscounted lease payments	145,409
Less: Imputed interest	(57,465)
Total operating lease liabilities	$ 87,944

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Other-than-temporary impairment	$ 0
Restricted cash	3,031,000	$ 1,737,000
Impairments of long-lived assets	0	$ 0	$ 0
Impairment of intangible assets, indefinite-lived	0
Impairment of intangible assets, finite-lived	0
Goodwill impairment	$ 0
Number of operating segment \| Segment	1
Number of reportable segment \| Segment		1
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Letter Of Credit
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 3,000,000	$ 1,700,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Laboratory Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life	4 years
Laboratory Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful life, description	Lesser of estimated useful life or remaining lease term
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	5 years

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	16,643,585	9,724,754	6,681,068
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	11,083,349	8,164,375	6,050,938
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	0	6,918	30,378
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,161,267	1,175,032	423,621
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	230,651	378,429	176,131
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,194,342	0	0
Earn-out shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	973,976	0	0

Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	1,175,032
Number of Shares, RSUs granted	1,639,472
Number of Shares, RSUs vested	(576,974)
Number of Shares, RSUs forfeited	(76,263)
Number of Shares, Ending balance	2,161,267	1,175,032
Number of Shares, Expected to vest	2,161,267
Weighted-average grant date fair value per share, Beginning balance	$ 23.25
Weighted-average grant date fair value per share, RSUs granted	26.3
Weighted-average grant date fair value per share, RSUs vested	24.84
Weighted-average grant date fair value per share, RSUs forfeited	24.15
Weighted-average grant date fair value per share, Ending balance	25.1	$ 23.25
Weighted-average grant date fair value per share, Expected to vest	$ 25.1
Weighted-average remaining contractual term (in years)	1 year 6 months 21 days	1 year 7 months 13 days
Weighted-average remaining contractual term, Expected to vest	1 year 6 months 21 days
Aggregate intrinsic value	$ 61,985	$ 27,989
Aggregate intrinsic value, Expected to vest	$ 61,985

Acquisition

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisition

3. Acquisition

On November 9, 2023 (the Closing Date), the Company completed the acquisition of EQRx (the EQRx Acquisition). Pursuant to the Agreement and Plan of Merger, dated as of July 31, 2023 (the Merger Agreement), EQRx, LLC survived as a wholly owned subsidiary of the Company.

On the Closing Date, each share of EQRx common stock issued and outstanding immediately prior to the completion of the EQRx Acquisition was converted into the right to receive 0.1112 shares of the Company’s common stock. Outstanding stock options, restricted stock units and restricted stock awards of EQRx were also converted into the Company’s common stock, subject to the terms of the Merger Agreement. The Company issued 54.8 million shares of the Company’s common stock and paid $4.0 million in taxes to satisfy statutory income tax withholding obligations in conjunction with the EQRx Acquisition.

The EQRx Acquisition provided the Company with additional financing through the acquisition of EQRx’s cash, cash equivalents, and marketable securities, which comprised the majority of the net assets acquired from EQRx. As the Company primarily acquired these monetary assets, the EQRx Acquisition was accounted for as a capital-raising transaction with an asset acquisition component. EQRx does not meet the definition of a business under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (ASC 805), due to the fair value of EQRx, excluding cash and cash equivalents, as of the date of the EQRx Acquisition, being concentrated primarily in one asset class, marketable securities.

Under the asset acquisition method of accounting, the purchase consideration was allocated and recorded by the Company on a fair value basis to the net assets acquired on the Closing Date. Any excess fair value of net assets of EQRx over the cost of the acquisition following determination of the actual purchase consideration is allocated to EQRx’s qualifying assets under ASC 805. As there were no qualifying assets acquired the excess fair value of net assets under ASC 805 was recorded to equity, as a capital-raising transaction. Because EQRx had wound down the majority of its research and development activities and its operations by the time of the Closing Date, the net assets being acquired are primarily comprised of cash and cash equivalents and marketable securities.

Revolution Medicines was considered the accounting acquirer of EQRx’s net assets under the provisions of ASC 805 due to Revolution Medicines remaining in control of the combined entity after the EQRx Acquisition. The determination was primarily based on the evaluation of the following facts and circumstances:

•

The pre-combination equity holders of Revolution Medicines held the relative majority of voting rights in the combined entity;

•

The pre-combination equity holders of Revolution Medicines had the right to appoint the majority of the directors on the combined entity’s board of directors;

•

Senior management of Revolution Medicines comprise the senior management of the combined entity;

•

Operations of Revolution Medicines comprise the ongoing operations of the combined entity; and

•

The primary assets acquired in the EQRx Acquisition are cash and marketable securities.

The following table reflects the consideration transferred by the Company:


	Amount
	(in thousands)
Fair value of shares of combined company to be owned by EQRx stockholders (1)	$	1,096,826
Less: Fair value of EQRx equity awards converting to Revolution Medicines common stock attributable to post-combination service	$	(11,150	)
Taxes paid by Revolution Medicines on behalf of EQRx to satisfy statutory income tax withholding obligations		4,026
Fair value of warrants		6,907
Fair value of contingent earn-out shares		490
Purchase price	$	1,097,099

(1) Represents the fair value of approximately 54.8 million shares of Revolution Medicines common stock issued, calculated using the per share price of Revolution Medicines common stock of $20.02 as of November 9, 2023.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the Closing Date:


	Amount
	(in thousands)
Cash and cash equivalents	$	860,918
Marketable securities		313,878
Prepaid expenses and other current assets		12,084
Restricted cash		633
Other noncurrent assets		2,912
Accounts payable		(6,893	)
Accrued expenses and other current liabilities		(30,506	)
Net assets acquired	$	1,153,026


	Amount
	(in thousands)
Purchase price	$	1,097,099
Less: net assets acquired		(1,153,026	)
Remaining excess fair value of net assets acquired over the purchase price	$	(55,927	)

Transaction costs of $20.7 million incurred by the Company to complete the EQRx Acquisition were accounted for as a direct reduction to the Company’s additional paid-in capital, as these costs were primarily incurred to issue Revolution Medicines common stock as part of the capital-raising transaction.

In connection with the EQRx Acquisition, certain unvested outstanding stock options, restricted stock units and restricted stock awards of EQRx were accelerated and converted into the Company’s common stock. As a result, the fair-value of the unvested portion of the accelerated EQRx equity awards of $11.2 million was recognized as a post-combination expense and included in stock-based compensation expense for the year-ended December 31, 2023.

In connection with the EQRx Acquisition, as of the Closing Date, all public warrants of EQRx that were outstanding and unexercised immediately prior to the Closing Date were converted into 11,039,957 publicly traded warrants (Public Warrants) and 8,693,333 private placement warrants of the Company (Private Warrants and, together with the Public Warrants, the Warrants). Each Warrant entitles the holder to purchase 0.1112 shares of the Company’s common stock, at an exercise price of $11.50 per such fractional share. The fair value of the Warrants on the Closing Date of $6.9 million was included in the purchase price. The Warrants expire in December 2026. The Public Warrants and Private Warrants met liability classification requirements because the Warrants contain provisions whereby adjustments to the settlement amount of the Warrants are based on a variable that is not an input to the fair value of a “fix-for-fixed” option and the existence of the potential for net cash settlement for the Warrant holders in the event of a tender offer. In addition, the Private Warrants are potentially subject to a different settlement amount depending upon the holder of the Private Warrants, which precludes them from being considered indexed to the entity’s own stock. Therefore, the Warrants are classified as liabilities.

Prior to the EQRx Acquisition, holders of rights to EQRx earn-out shares held in escrow were entitled to receive additional shares of EQRx common stock for no consideration upon the occurrence of certain stock price-based triggering events (the earn-out shares). The earn-out shares were converted in the same manner as all other shares of EQRx common stock under the Merger Agreement and holders of rights to earn-out shares were entitled to receive up to 5,560,000 shares of common stock of the Company, subject to the triggering events. In conjunction with the Merger Agreement, holders of rights to approximately 82% of the holders of rights to the earn-out shares signed and delivered to the Company waiver and release agreements pursuant to which, among other things, they have waived their respective rights to receive any such earn-out shares to which they may have been entitled upon the occurrence of any vesting condition described below. As a result of these waiver and release agreements, the maximum amount of Company common stock to be issued to holders of rights to earn-out shares upon the occurrence of certain triggering events was reduced to 973,976 shares. Holders of earn-out shares may receive up to 681,784 shares of the Company common stock if the common stock price is greater than or equal to $112.41 for at least 20 out of 30 consecutive trading days prior to December 17, 2024, and up to 292,192 additional shares of Company common stock if the common stock price is greater than or equal to $148.38 for at

least 20 out of 30 consecutive trading days prior to December 17, 2024. The rights to the earn-out shares expire on December 17, 2024. The fair value of the earn-out shares on the Closing Date of $0.5 million was included in the purchase price.

In connection with the EQRx Acquisition, the Company incurred $14.3 million of severance and other employee-related post-combination expenses, of which $8.2 million was attributed to employees working on research and development and $6.1 million was attributed to employees working on general and administration. These expenses were included in the consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-based compensation

2020 Incentive Award Plan

In February 2020, the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan). The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms.

Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan (the 2014 Plan). However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan were not issued under the 2014 Plan are available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the ESPP). Under the ESPP, employees have the ability to purchase shares of the Company’s common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85% of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period.

As of December 31, 2023, there have been 210,679 shares of common stock purchased under the ESPP. As of December 31, 2023, a total of 2,394,407 shares of common stock were available for future issuance under the ESPP. As of December 31, 2023, there was $3.3 million of unrecognized compensation cost related to the ESPP.

Stock options

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:


	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options granted		3,660,200			26.21
Options exercised		(524,094	)		6.33
Options cancelled and forfeited		(217,132	)		28.91
Balance, December 31, 2023		11,083,349		$	19.64		7.50	$	115,009
Options vested and exercisable as of December 31, 2023		6,017,790		$	14.92		6.36	$	92,543

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock by the Board of Directors. The intrinsic value of the options exercised for the years December 31, 2023, 2022 and 2021 was $10.7 million, $3.8 million and $13.1 million, respectively.

During the years ended December 31, 2023, 2022 and 2021, the weighted-average grant-date fair value of options granted was $17.82, $12.33 and $25.13 per share, respectively. As of December 31, 2023, there was $79.5 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.75 years.

The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2023	2022	2021
Expected term (years)	6	6	6
Expected volatility	73%-75%	70-73%	70-75%
Risk-free interest rate	3.5%-4.7%	1.5%-4.2%	0.5%-1.3%
Dividend yield	0%	0%	0%

The Black-Scholes model assumptions that determine the fair value of stock-based awards include:

Expected term—The expected term is calculated using the simplified method, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method.

Expected volatility—Given the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility of the Company and comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty.

Risk-free interest rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option.

Expected dividend—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Restricted stock units

Restricted stock units (RSUs) have been granted to employees and directors. The fair value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock. The Company has granted RSUs pursuant to the 2020 plan.

Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2023 was as follows:


	Number of Shares			Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2022		1,175,032		$	23.25		1.62	$	27,989
RSUs granted		1,639,472			26.30
RSUs vested		(576,974	)		24.84
RSUs forfeited		(76,263	)		24.15
Balance, December 31, 2023		2,161,267		$	25.10		1.56	$	61,985
Expected to vest as of December 31, 2023		2,161,267		$	25.10		1.56	$	61,985

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of December 31, 2023, there was $51.0 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 2.95 years.

The total grant date fair value of RSUs vested for the years ended December 31, 2023, 2022 and 2021 was $14.3 million, $7.9 million and $3.1 million, respectively.

Stock-based compensation expense

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Research and development	$	34,126	$	18,113	$	11,847
General and administrative		27,646		13,083		8,877
Total	$	61,772	$	31,196	$	20,724

In connection with the EQRx Acquisition, certain unvested outstanding stock options, restricted stock units and restricted stock awards of EQRx were accelerated and converted into the Company’s common stock. The fair-value of the unvested portion of the accelerated EQRx equity awards of $11.2 million (of which $3.7 million was attributed to employees working on research and development projects and $7.5 million working on general and administration) was recognized as a post-combination expense and included in stock-based compensation expense for the year ended December 31, 2023.

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

13. Net loss per share attributable to common stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Years Ended December 31,
	2023			2022			2021
	(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(436,367	)	$	(248,705	)	$	(187,091	)
Denominator:
Weighted-average shares outstanding		113,149,869			80,636,570			72,866,022
Less: Weighted-average unvested restricted shares and shares subject to repurchase		—			(10,045	)		(59,943	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		113,149,869			80,626,525			72,806,079
Net loss per share attributable to common stockholders, basic and diluted	$	(3.86	)	$	(3.08	)	$	(2.57	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	As of December 31,
	2023		2022		2021
Options to purchase common stock		11,083,349		8,164,375		6,050,938
Options early exercised subject to future vesting		—		6,918		30,378
Unvested restricted stock units of common stock		2,161,267		1,175,032		423,621
Expected shares to be purchased under ESPP		230,651		378,429		176,131
Warrants outstanding		2,194,342		—		—
Earn-out shares		973,976		—		—
Total		16,643,585		9,724,754		6,681,068

Income Taxes - Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 147,576	$ 132,080
Accruals and reserves	5,747	5,494
Research and development credits	34,755	22,558
Lease liability	19,628	18,998
Stock-based compensation	9,872	7,063
Capitalized research expenses	185,909	64,149
Other	161	42
Gross deferred tax assets	403,648	250,384
Less: valuation allowance	(376,762)	(224,125)
Total deferred tax assets	26,886	26,259
Deferred tax liabilities:
Fixed assets and finite-lived intangible assets	(9,683)	(9,961)
Indefinite-lived intangible assets	(3,099)	(7,025)
Right-of-use asset	(17,219)	(16,298)
Gross deferred tax liabilities	(30,001)	(33,284)
Net deferred tax liability	$ (3,115)	$ (7,025)

Acquisition - Schedule of Excess of Fair Value of Assets Acquired over the Purchase Consideration under Asset Acquisition Accounting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Combinations [Abstract]
Purchase price	$ 1,097,099
Less: net assets acquired	(1,153,026)
Remaining excess fair value of net assets acquired over purchase price	$ (55,927)

Organization

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Revolution Medicines, Inc. (the Company) is a clinical-stage precision oncology company focused on developing targeted therapies for RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California.

Liquidity

The Company has incurred net operating losses in each year since inception. As of December 31, 2023, the Company had an accumulated deficit of $1.1 billion. Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock, the acquisition of EQRx, Inc. (EQRx), and upfront payments and research and development cost reimbursements received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its business objectives.

Public offerings

In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering at a price of $45.00 per share (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of its common stock) for net proceeds of $281.1 million, after deducting underwriting discounts and commissions of $18.0 million and expenses of $0.9 million.

In November 2021, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen) to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $250 million, through an at-the-market equity offering program (ATM). During the year ended December 31, 2021, the Company sold an aggregate of 339,302 shares of common stock under the ATM resulting in gross proceeds of $10.4 million. After deducting commissions and expenses of $0.3 million, net proceeds to the Company for the year ended December 31, 2021 were $10.1 million. During the year ended December 31, 2022, the Company sold an aggregate of 2,385,846 shares of common stock under the ATM resulting in gross proceeds of $51.3 million. After deducting commissions and expenses of $1.4 million, net proceeds to the Company for the year ended December 31, 2022 were $49.9 million. During the year ended December 31, 2023, the Company sold an aggregate of 2,482,880 shares of common stock under the ATM resulting in gross proceeds to the Company of $63.5 million. After deducting commissions and expenses of $1.4 million, net proceeds to the Company under the ATM were $62.1 million during the year ended December 31, 2023.

In July 2022, the Company issued and sold 13,225,000 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 1,725,000 shares of the Company’s common stock) at a price to the public of $20.00 per share, for net proceeds of $248.1 million, after deducting underwriting discounts and commissions of $15.9 million and expenses of $0.5 million.

In March 2023, the Company issued and sold 15,681,818 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 2,045,454 shares of the Company’s common stock) at a price to the public of $22.00 per share, for net proceeds of $323.7 million, after deducting underwriting discounts and commissions of $20.7 million and expenses of $0.6 million.

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,068,000	$ 1,069,000	$ 1,069,000
Goodwill impairment	$ 0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Fair Value of Stock Option Awards Estimated at Date of Grant

The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Year Ended December 31,
	2023	2022	2021
Expected term (years)	6	6	6
Expected volatility	73%-75%	70-73%	70-75%
Risk-free interest rate	3.5%-4.7%	1.5%-4.2%	0.5%-1.3%
Dividend yield	0%	0%	0%

Summary of RSUs Activity Under the Plan

Total stock-based compensation expense related to stock options, RSUs and the ESPP by function was as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Research and development	$	34,126	$	18,113	$	11,847
General and administrative		27,646		13,083		8,877
Total	$	61,772	$	31,196	$	20,724

2020 Plan and 2014 Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Option Activity Under the Plan

The following summarizes option activity under both the 2020 Plan and the 2014 Plan:


	Number of Shares underlying options			Weighted- average exercise price		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2022		8,164,375		$	16.09		7.53	$	85,181
Options granted		3,660,200			26.21
Options exercised		(524,094	)		6.33
Options cancelled and forfeited		(217,132	)		28.91
Balance, December 31, 2023		11,083,349		$	19.64		7.50	$	115,009
Options vested and exercisable as of December 31, 2023		6,017,790		$	14.92		6.36	$	92,543

2020 Equity Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of RSUs Activity Under the Plan

Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2023 was as follows:


	Number of Shares			Weighted- average grant date fair value per share		Weighted- average remaining contractual term		Aggregate intrinsic value
						(in years)		(in thousands)
Balance, December 31, 2022		1,175,032		$	23.25		1.62	$	27,989
RSUs granted		1,639,472			26.30
RSUs vested		(576,974	)		24.84
RSUs forfeited		(76,263	)		24.15
Balance, December 31, 2023		2,161,267		$	25.10		1.56	$	61,985
Expected to vest as of December 31, 2023		2,161,267		$	25.10		1.56	$	61,985

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Common Stock - Additional Information (Details)	12 Months Ended
Common Stock - Additional Information (Details)	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Stockholders' Equity Note [Abstract]
Common stock, shares authorized \| shares	300,000,000	300,000,000
Common stock, par or stated value per share \| $ / shares	$ 0.0001	$ 0.0001
Common stock, voting rights	Each share of common stock is entitled to one vote
Number of voting rights per common share \| Vote	1
Common stock, dividends declared \| $	$ 0

Common Stock

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Common Stock

10. Common stock

As of December 31, 2023 and 2022, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, at a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors. As of December 31, 2023, no dividends have been declared to date.

The Company has reserved shares of common stock for future issuance as follows:


	December 31,		December 31,
	2023		2022
Outstanding options to purchase common stock		11,083,349		8,164,375
Unvested restricted stock units of common stock		2,161,267		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		6,241,188		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,394,407		1,700,887
Total		21,880,211		17,766,601

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Common Stock (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Common Stock for Future Issuance

The Company has reserved shares of common stock for future issuance as follows:


	December 31,		December 31,
	2023		2022
Outstanding options to purchase common stock		11,083,349		8,164,375
Unvested restricted stock units of common stock		2,161,267		1,175,032
Available for future issuance under the 2020 Incentive Award Plan		6,241,188		6,726,307
Available for issuance under the 2020 Employee Stock Purchase Plan		2,394,407		1,700,887
Total		21,880,211		17,766,601