0000950170-24-122303 | 10-Q | XBRL Viewer

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Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Balance sheet components

Property and equipment, net

Property and equipment, net consists of the following:


	September 30,			December 31,
	2024			2023
	(in thousands)
Laboratory equipment	$	24,512		$	21,505
Leasehold improvements		14,103			11,952
Computer equipment and software		6,975			5,806
Furniture and fixtures		804			783
Construction in progress		93			513
		46,487			40,559
Less: accumulated depreciation and amortization		(21,673	)		(17,694	)
Property and equipment, net	$	24,814		$	22,865

Depreciation expense for property and equipment amounted to $1.6 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively and $4.8 million and $3.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30,		December 31,
	2024		2023
	(in thousands)
Accrued compensation	$	19,077	$	23,613
Accrued research and development		55,199		45,003
Accrued professional services		2,457		2,182
Other		1,278		3,896
Total accrued expenses and other current liabilities	$	78,011	$	74,694

Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

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 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	)

Common Stock - Additional Information (Details)	9 Months Ended
Common Stock - Additional Information (Details)	Sep. 30, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 $ / 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

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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (156,288)	$ (108,434)	$ (405,524)	$ (274,830)
Denominator:
Weighted-average shares outstanding	166,843,984	109,233,340	165,576,333	103,704,719
Less: Weighted-average unvested restricted shares and shares subject to repurchase	0	(256)	0	(2,218)
Weighted-average common shares used to compute net loss per share, basic	166,843,984	109,233,084	165,576,333	103,702,501
Weighted-average common shares used to compute net loss per share, diluted	166,843,984	109,233,084	165,576,333	103,702,501
Net loss per share attributable to common stockholders, basic	$ (0.94)	$ (0.99)	$ (2.45)	$ (2.65)
Net loss per share attributable to common stockholders, diluted	$ (0.94)	$ (0.99)	$ (2.45)	$ (2.65)

- 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.

+ References

+ 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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Market Offering [Member]
Stock issuance cost	$ 1,426
Follow-on Public Offering
Stock issuance cost		$ 21,294

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

12.

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:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(156,288	)	$	(108,434	)	$	(405,524	)	$	(274,830	)
Denominator:
Weighted-average shares outstanding		166,843,984			109,233,340			165,576,333			103,704,719
Less: Weighted-average unvested restricted shares and shares subject to repurchase		—			(256	)		—			(2,218	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		166,843,984			109,233,084			165,576,333			103,702,501
Net loss per share attributable to common stockholders, basic and diluted	$	(0.94	)	$	(0.99	)	$	(2.45	)	$	(2.65	)

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 September 30,
	2024		2023
Options to purchase common stock		14,082,077		10,973,121
Unvested restricted stock units of common stock		2,967,439		2,094,080
Expected shares to be purchased under ESPP		349,428		252,978
Warrants outstanding		2,194,342		—
Earn-out shares		973,976		—
Total		20,567,262		13,320,179

Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	30,314,810	21,880,211
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	14,082,077	11,083,349
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	2,967,439	2,161,267
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	9,414,890	6,241,188
Available for Issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	3,850,404	2,394,407

- 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.

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+ Details

Acquisition - Additional Information (Details) - USD ($)		9 Months Ended
	Nov. 09, 2023	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Shares of common stock issued		173,308,336	170,234,594
Transaction costs		$ 20,700,000
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 common 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
EQRx Acquisition \| Warrants
Business Acquisition [Line Items]
Fair value of the warrants		$ 6,900,000
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 [Member]
Business Acquisition [Line Items]
Stock issued to EQRx stockholders		681,784
Share price		$ 112.41
Fair value of the warrants		$ 500,000
Earn-out shares expiration date		Dec. 17, 2024
EQRx Acquisition \| Earn out shares [Member] \| Minimum
Business Acquisition [Line Items]
Consecutive trading days		20 days
EQRx Acquisition \| Earn out shares [Member] \| 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

Sanofi Collaboration Agreement

9 Months Ended

Sep. 30, 2024

Collaboration Agreement [Abstract]

Sanofi Collaboration Agreement

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.

During the three months ended September 30, 2024 and 2023, the Company recognized zero collaboration revenue associated with this agreement, respectively, and zero and $10.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,543,602	$ 1,852,189
Gross Unrealized Gain	3,871	1,102
Gross Unrealized Loss	(59)	(558)
Estimated Fair Value	1,547,414	$ 1,852,733
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,387,042
Gross Unrealized Gain	3,134
Gross Unrealized Loss	(26)
Estimated Fair Value	1,390,150
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	156,560
Gross Unrealized Gain	737
Gross Unrealized Loss	(33)
Estimated Fair Value	$ 157,264

- Definition

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

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Available-for-sale Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

Available-for-sale securities

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


	September 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	142,816	$	194	$	(3	)	$	143,007
Certificates of deposit		9,341		26		—			9,367
U.S. government and agency securities		791,370		2,283		(42	)		793,611
Corporate bonds		400,879		1,366		(11	)		402,234
Total marketable securities		1,344,406		3,869		(56	)		1,348,219
Cash equivalents:
Money market funds		136,416		—		—			136,416
Commercial paper		44,927		1		(2	)		44,926
U.S. government and agency securities		17,853		1		(1	)		17,853
Total cash equivalents		199,196		2		(3	)		199,195
Total available-for-sale securities	$	1,543,602	$	3,871	$	(59	)	$	1,547,414


	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 securities	$	1,852,189	$	1,102	$	(558	)	$	1,852,733

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of September 30, 2024:


	September 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	1,387,042	$	3,134	$	(26	)	$	1,390,150
Mature after one year through two years		156,560		737		(33	)		157,264
Total available-for-sale securities	$	1,543,602	$	3,871	$	(59	)	$	1,547,414

Sanofi Collaboration Agreement - Additional Information (Details) - Sanofi Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received					$ 50.0
Percentage of reimbursement of internal and external research costs and expenses under research plan			50.00%
Collaboration revenue recognized	$ 0.0	$ 0.0	$ 0.0	$ 10.9

Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Common Stock for Future Issuance

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


	September 30,		December 31,
	2024		2023
Outstanding options to purchase common stock		14,082,077		11,083,349
Unvested restricted stock units of common stock		2,967,439		2,161,267
Available for future issuance under the 2020 Incentive Award Plan		9,414,890		6,241,188
Available for issuance under the 2020 Employee Stock Purchase Plan		3,850,404		2,394,407
Total		30,314,810		21,880,211

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


	September 30,			December 31,
	2024			2023
	(in thousands)
Laboratory equipment	$	24,512		$	21,505
Leasehold improvements		14,103			11,952
Computer equipment and software		6,975			5,806
Furniture and fixtures		804			783
Construction in progress		93			513
		46,487			40,559
Less: accumulated depreciation and amortization		(21,673	)		(17,694	)
Property and equipment, net	$	24,814		$	22,865

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	September 30,		December 31,
	2024		2023
	(in thousands)
Accrued compensation	$	19,077	$	23,613
Accrued research and development		55,199		45,003
Accrued professional services		2,457		2,182
Other		1,278		3,896
Total accrued expenses and other current liabilities	$	78,011	$	74,694

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 19,077	$ 23,613
Accrued research and development	55,199	45,003
Accrued professional services	2,457	2,182
Other	1,278	3,896
Total accrued expenses and other current liabilities	$ 78,011	$ 74,694

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	20,567,262	13,320,179
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	14,082,077	10,973,121
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,967,439	2,094,080
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	349,428	252,978
Warrants Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	2,194,342	0
Earn out shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	973,976	0

Acquisition - Schedule of Number of Shares of Common Stock Revolution Medicines Issued to EQRx Equity Holders (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	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

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 46,487	$ 40,559
Less: accumulated depreciation and amortization	(21,673)	(17,694)
Property and equipment, net	24,814	22,865
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	24,512	21,505
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	14,103	11,952
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,975	5,806
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	804	783
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 93	$ 513

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following as of September 30, 2024:


	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		(6,343	)		1,137		1.1
Total	$	63,280	$	(6,343	)	$	56,937

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

Schedule of Future Amortization Expense

As of September 30, 2024, future amortization expense is as follows:


	Amount
	(in thousands)
2024 (remaining three months)	$	267
2025		870
Total	$	1,137

Summary of Change in Carrying Value of Goodwill

The following summarizes the change in the carrying value of goodwill for the three and nine months ended September 30, 2024:


	Amount
	(in thousands)
Balance at December 31, 2023	$	14,608
Adjustment		—
Balance at September 30, 2024	$	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
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-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
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-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
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-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

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

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.

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

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	)

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.

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	13,369	$	8,151	$	36,389	$	21,493
General and administrative		7,406		5,515		20,369		14,852
Total	$	20,775	$	13,666	$	56,758	$	36,345

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, 2023		11,083,349		$	19.64		7.50	$	115,009
Options granted		3,814,452			32.45
Options exercised		(530,453	)		15.36
Options cancelled and forfeited		(285,271	)		26.29
Balance, September 30, 2024		14,082,077		$	23.14		7.46	$	312,818
Options vested and exercisable as of September 30, 2024		7,372,626		$	17.88		6.20	$	202,553

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 restricted stock units (RSUs) during the nine months ended September 30, 2024 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, 2023		2,161,267		$	25.10		1.56	$	61,985
RSUs granted		1,667,435			32.40
RSUs vested		(724,965	)		26.43
RSUs forfeited		(136,298	)		26.81
Balance, September 30, 2024		2,967,439		$	28.80		1.55		134,573
Expected to vest as of September 30, 2024		2,967,439		$	28.80		1.55		134,573

- 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
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+ Details

Intangible Assets and Goodwill - Summary of Change in Carrying Value of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2023	$ 14,608
Adjustment	0
Balance at September 30, 2024	$ 14,608

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ 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	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 20,775	$ 13,666	$ 56,758	$ 36,345
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	13,369	8,151	36,389	21,493
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,406	$ 5,515	$ 20,369	$ 14,852

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

13.

Subsequent events

Lease agreement

In November 2024, the Company amended its Redwood City lease to lease an additional approximately 46,961 square feet of office, laboratory and research and development space located at 600 Saginaw Drive, Redwood City, California (the 600 Building). The Company will pay an initial annual base rent of approximately $3.3 million, which is subject to scheduled 3.5% annual increases, plus certain operating expenses. The Company has been provided a tenant improvement allowance of $2.3 million. The Company expects to take possession of the 600 Building in November 2024. The Company has the option to extend the lease for an additional ten years after the first anniversary of the lease commencement date of the 600 Building.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	173,308,336	170,234,594
Common stock, shares, outstanding	167,748,336	164,674,594

Commitment and Contingencies - Summary of Components of Lease Costs (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Operating lease cost

$ 2,798

$ 1,941

$ 8,393

$ 5,684

Less: Sublease income

(302)

Total operating lease cost, net

^[1]

$ 2,798

$ 1,941

$ 8,393

$ 5,382

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 0	$ 0	$ 0	$ 10,838
Revenue, Product and Service [Extensible Enumeration]	Collaboration Revenue Member	Collaboration Revenue Member	Collaboration Revenue Member	Collaboration Revenue Member
Operating expenses:
Research and development	$ 151,752	$ 107,735	$ 404,129	$ 274,663
General and administrative	23,960	15,513	69,085	43,377
Total operating expenses	175,712	123,248	473,214	318,040
Loss from operations	(175,712)	(123,248)	(473,214)	(307,202)
Other income, net:
Interest income	20,411	10,947	65,658	28,505
Other income (expense), net	282	0	(2,511)	0
Change in fair value of warrant liabilities and contingent earn-out shares	(1,269)	0	4,543	0
Total other income, net	19,424	10,947	67,690	28,505
Loss before income taxes	(156,288)	(112,301)	(405,524)	(278,697)
Benefit from income taxes	0	3,867	0	3,867
Net loss	$ (156,288)	$ (108,434)	$ (405,524)	$ (274,830)
Net loss per share attributable to common stockholders, basic	$ (0.94)	$ (0.99)	$ (2.45)	$ (2.65)
Net loss per share attributable to common stockholders, diluted	$ (0.94)	$ (0.99)	$ (2.45)	$ (2.65)
Weighted-average common shares used to compute net loss per share, basic	166,843,984	109,233,084	165,576,333	103,702,501
Weighted-average common shares used to compute net loss per share, diluted	166,843,984	109,233,084	165,576,333	103,702,501
Comprehensive loss:
Net Income (Loss)	$ (156,288)	$ (108,434)	$ (405,524)	$ (274,830)
Other comprehensive gain:
Unrealized gain on investments, net	5,675	380	3,268	909
Comprehensive loss	$ (150,613)	$ (108,054)	$ (402,256)	$ (273,921)

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2024 (remaining three months)	$ 267
2025	870
Developed technology - tri-complex platform, Net book value	$ 1,137	$ 1,939

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

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:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands, except share and per share data)						(in thousands, except share and per share data)
Numerator:
Net loss attributable to common stockholders	$	(156,288	)	$	(108,434	)	$	(405,524	)	$	(274,830	)
Denominator:
Weighted-average shares outstanding		166,843,984			109,233,340			165,576,333			103,704,719
Less: Weighted-average unvested restricted shares and shares subject to repurchase		—			(256	)		—			(2,218	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		166,843,984			109,233,084			165,576,333			103,702,501
Net loss per share attributable to common stockholders, basic and diluted	$	(0.94	)	$	(0.99	)	$	(2.45	)	$	(2.65	)

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 September 30,
	2024		2023
Options to purchase common stock		14,082,077		10,973,121
Unvested restricted stock units of common stock		2,967,439		2,094,080
Expected shares to be purchased under ESPP		349,428		252,978
Warrants outstanding		2,194,342		—
Earn-out shares		973,976		—
Total		20,567,262		13,320,179

Acquisition - Schedule of Excess of Fair Value of Assets Acquired over the Purchase Consideration under Asset Acquisition Accounting (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 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 the purchase price	$ (55,927)

Commitment and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 8,396	$ 7,369
Operating lease liability – noncurrent	78,310	80,575
Total operating lease liabilities	$ 86,706	$ 87,944

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		168,219,391
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	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
Document Quarterly Report	true
Document Transition Report	false
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

9 Months Ended

Sep. 30, 2024

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 ceased making grants under the 2014 Equity Incentive Plan (the 2014 Plan). However, the 2014 Plan continues 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.

For the nine months ended September 30, 2024, there were 190,748 shares of common stock purchased under the ESPP. As of September 30, 2024, a total of 3,850,404 shares of common stock were available for future issuance under the ESPP. As of September 30, 2024, there was $6.0 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, 2023		11,083,349		$	19.64		7.50	$	115,009
Options granted		3,814,452			32.45
Options exercised		(530,453	)		15.36
Options cancelled and forfeited		(285,271	)		26.29
Balance, September 30, 2024		14,082,077		$	23.14		7.46	$	312,818
Options vested and exercisable as of September 30, 2024		7,372,626		$	17.88		6.20	$	202,553

As of September 30, 2024, there was $120.8 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.79 years.

Restricted stock units

Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the nine months ended September 30, 2024 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, 2023		2,161,267		$	25.10		1.56	$	61,985
RSUs granted		1,667,435			32.40
RSUs vested		(724,965	)		26.43
RSUs forfeited		(136,298	)		26.81
Balance, September 30, 2024		2,967,439		$	28.80		1.55		134,573
Expected to vest as of September 30, 2024		2,967,439		$	28.80		1.55		134,573

The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of September 30, 2024, there was $81.0 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 2.92 years.

Stock-based compensation expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Research and development	$	13,369	$	8,151	$	36,389	$	21,493
General and administrative		7,406		5,515		20,369		14,852
Total	$	20,775	$	13,666	$	56,758	$	36,345

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets and goodwill

Intangible assets, net

Intangible assets, net consist of the following as of September 30, 2024:


	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		(6,343	)		1,137		1.1
Total	$	63,280	$	(6,343	)	$	56,937

Amortization expense for the three months ended September 30, 2024 and 2023 was $0.3 million, respectively and for the nine months ended September 30, 2024 and 2023 was $0.8 million, respectively.

As of September 30, 2024, future amortization expense is as follows:


	Amount
	(in thousands)
2024 (remaining three months)	$	267
2025		870
Total	$	1,137

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

Goodwill

The following summarizes the change in the carrying value of goodwill for the three and nine months ended September 30, 2024:


	Amount
	(in thousands)
Balance at December 31, 2023	$	14,608
Adjustment		—
Balance at September 30, 2024	$	14,608

No impairment has been recognized as of September 30, 2024. Goodwill recorded is not deductible for income tax purposes.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The unaudited condensed 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 interim 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 accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed consolidated financial statements for the periods ended September 30, 2024 and September 30, 2023 include the accounts of the Company and its wholly owned subsidiaries. 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 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 the fair value of assets acquired and liabilities assumed and related purchase price allocation, revenue recognition, clinical accruals, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, the incremental borrowing rate for determining operating lease assets and liabilities, warrant 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.
Concentration of Credit Risk and Other Risks and Uncertainties	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 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, certificates of deposit, 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.
Warrants	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 liabilities 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 noncurrent liabilities, as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Recent Accounting Pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. No new pronouncements have been adopted by the Company for the three and nine months ended September 30, 2024. 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 condensed 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 condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements.

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Feb. 29, 2020	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		30,314,810	21,880,211
Unrecognized stock-based compensation expense related to unvested stock options		$ 120.8
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 9 months 14 days
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		$ 81.0
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 11 months 1 day
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		3,850,404
Purchase price rate	85.00%
Shares purchased		190,748
Unrecognized compensation cost related to ESPP		$ 6.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities
Net loss			$ (405,524)	$ (274,830)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets			318	1
Amortization of intangible assets	$ 300	$ 300	802	801
Stock-based compensation expense			56,758	36,345
Depreciation	1,600	1,300	4,824	3,695
Change in fair value of warrant liabilities and contingent earn-out shares			(4,543)	0
Net amortization of premium or discount on marketable securities			(35,739)	(13,572)
Amortization of operating lease right-of-use asset			2,811	1,955
Impairment of assets			2,761	0
Changes in operating assets and liabilities:
Accounts receivable			1,254	4,364
Prepaid expenses and other current assets			(4,586)	(394)
Accounts payable			(35,828)	8,164
Accrued expenses and other current liabilities			3,687	20,959
Deferred revenue			0	(4,459)
Operating lease liability			(1,238)	(1,357)
Deferred tax liability			0	(3,867)
Other noncurrent assets			(5,883)	(8,495)
Other noncurrent liabilities			980	681
Net cash used in operating activities			(419,146)	(230,009)
Cash flows from investing activities
Purchases of marketable securities			(1,441,413)	(539,311)
Maturities of marketable securities			1,289,008	582,527
Purchases of property and equipment			(9,086)	(5,412)
Net cash provided by (used in) investing activities			(161,491)	37,804
Cash flows from financing activities
Proceeds from issuance of common stock upon follow-on offering, net of issuance costs			0	323,706
Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs			74,293	62,053
Proceeds from issuance of common stock under equity incentive plans			8,151	1,978
Proceeds from issuance of common stock related to employee stock purchase plan			3,164	2,109
Net cash provided by financing activities			85,608	389,846
Net increase (decrease) in cash, cash equivalents and restricted cash			(495,029)	197,641
Cash, cash equivalents and restricted cash - beginning of period			699,179	163,149	$ 163,149
Cash, cash equivalents and restricted cash - end of period	204,150	360,790	204,150	360,790	699,179
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	201,262	358,399	201,262	358,399	$ 696,148
Restricted cash	2,888	2,391	2,888	2,391
Cash, cash equivalents and restricted cash - end of period	$ 204,150	$ 360,790	204,150	360,790
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities			$ 616	$ 1,329

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended				9 Months Ended
	Jul. 31, 2024 USD ($) ft²	Mar. 31, 2023 USD ($) ft²	Nov. 30, 2021 USD ($) ft²	Apr. 30, 2020 USD ($) ft²	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2015 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset					$ 74,338	$ 77,149
Operating lease liability					$ 86,706	$ 87,944
Operating lease, weighted average discount rate					8.40%
Operating lease, weighted average remaining lease term					11 years 3 months 18 days	12 years
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					$ 2,900	$ 2,400
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
Redwood City Lease \| The 500 Building
Lessee Lease Description [Line Items]
Area of space leased \| ft²	43,000
Lessee, operating lease, option to extend	The Company took possession of the 500 Building in October 2024. The Company has the option to extend the lease for an additional ten years after the first anniversary of the lease commencement date of the 500 Building.
Lessee, operating lease option to extend lease term	10 years
Tenant improvement allowance	$ 4,300
Initial annual base rent	$ 2,700
Annual base rent increasing rate	3.50%

Stock-based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance \| shares	11,083,349
Number of Shares underlying options, Options granted \| shares	3,814,452
Number of Shares underlying options, Options exercised \| shares	(530,453)
Number of Shares underlying options, Options cancelled and forfeited \| shares	(285,271)
Number of Shares underlying options, Ending balance \| shares	14,082,077	11,083,349
Number of Shares underlying options, Options vested and exercisable \| shares	7,372,626
Weighted-average exercise price, Beginning balance \| $ / shares	$ 19.64
Weighted-average exercise price, Options granted \| $ / shares	32.45
Weighted-average exercise price, Options exercised \| $ / shares	15.36
Weighted-average exercise price, Options cancelled \| $ / shares	26.29
Weighted-average exercise price, Ending balance \| $ / shares	23.14	$ 19.64
Weighted-average exercise price, Options vested and exercisable \| $ / shares	$ 17.88
Weighted-average remaining contractual term (in years)	7 years 5 months 15 days	7 years 6 months
Weighted-average remaining contractual term, Options vested and exercisable	6 years 2 months 12 days
Aggregate intrinsic value \| $	$ 312,818	$ 115,009
Aggregate intrinsic value, Options vested and exercisable \| $	$ 202,553

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	(6,343)	(5,541)
Developed technology - tri-complex platform, Net book value	$ 1,137	$ 1,939
Developed technology - tri-complex platform, Weighted-average remaining useful life	1 year 1 month 6 days	1 year 10 months 24 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 56,937	$ 57,739

Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Sep. 30, 2024 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

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2024	Mar. 31, 2023	Nov. 30, 2021	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Accumulated deficit				$ (1,543,232)	$ (1,543,232)		$ (1,137,708)
Common stock, shares, issued				173,308,336	173,308,336		170,234,594
Net proceeds from issuance					$ 0	$ 323,706
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued		2,045,454
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued		15,681,818
Common stock, price per share		$ 22
Net proceeds from issuance		$ 323,700
Underwriting discounts and commissions		20,700
Stock issuance expenses		$ 600
2021 ATM Program \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance					$ 59,300		$ 62,100
Aggregate gross proceeds through equity issuance maximum potential amount			$ 250,000
Issuance of common stock upon offering, net of offering costs, shares				1,294,050	1,294,050		2,482,880
Proceeds from issuance of common stock gross				$ 60,800	$ 60,800		$ 63,500
Commissions and expenses					1,500		$ 1,400
2024 ATM Program \| Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance					$ 15,000
Aggregate gross proceeds through equity issuance maximum potential amount	$ 500,000
Issuance of common stock upon offering, net of offering costs, shares				333,526	333,526
Proceeds from issuance of common stock gross				$ 15,300	$ 15,300
Commissions and expenses					$ 300

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 201,262	$ 696,148
Marketable securities	1,348,219	1,156,807
Accounts receivable	0	1,254
Prepaid expenses and other current assets	29,658	25,072
Total current assets	1,579,139	1,879,281
Property and equipment, net	24,814	22,865
Operating lease right-of-use asset	74,338	77,149
Intangible assets, net	56,937	57,739
Goodwill	14,608	14,608
Restricted cash	2,888	3,031
Other noncurrent assets	10,275	7,032
Total assets	1,762,999	2,061,705
Current liabilities:
Accounts payable	24,456	61,788
Accrued expenses and other current liabilities	78,011	74,694
Operating lease liability, current	8,396	7,369
Total current liabilities	110,863	143,851
Deferred tax liability	3,115	3,115
Operating lease liability, noncurrent	78,310	80,575
Warrant liabilities	2,763	6,512
Other noncurrent liabilities	1,644	1,458
Total liabilities	196,695	235,511
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; none issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 173,308,336 and 170,234,594 shares issued as of September 30, 2024 and December 31, 2023, respectively; 167,748,336 and 164,674,594 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	16	16
Additional paid-in capital	3,105,708	2,963,342
Accumulated other comprehensive income	3,812	544
Accumulated deficit	(1,543,232)	(1,137,708)
Total stockholders' equity	1,566,304	1,826,194
Total liabilities and stockholders' equity	$ 1,762,999	$ 2,061,705

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1,600	$ 1,300	$ 4,824	$ 3,695

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 1,547,414	$ 1,852,733
Liabilities fair value	2,969	7,512
Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	206	1,000
Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	2,763	6,512
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	136,416	288,757
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	187,933	692,352
Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	9,367
U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	811,464	786,406
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	402,234	85,218
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	136,416	288,757
Liabilities fair value	1,546	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	0
Level 1 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	1,546	3,643
Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	136,416	288,757
Level 1 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Level 1 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	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	1,410,998	1,563,976
Liabilities fair value	1,217	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	0
Level 2 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	1,217	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	187,933	692,352
Level 2 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	9,367
Level 2 \| U.S. Government and Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	811,464	786,406
Level 2 \| Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	402,234	85,218
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	0	0
Liabilities fair value	206	1,000
Level 3 \| Contingent earn-out liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	206	1,000
Level 3 \| Warrant liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities fair value	0	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 \| Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	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 - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 300,000	$ 300,000	$ 802,000	$ 801,000
Goodwill impairment			$ 0

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value measurements

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, marketable securities, 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 5 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.

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:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	136,416	$	136,416	$	—	$	—
Commercial paper		187,933		—		187,933		—
Certificates of deposit		9,367		—		9,367		—
U.S. government and agency securities		811,464		—		811,464		—
Corporate bonds		402,234		—		402,234		—
Total	$	1,547,414	$	136,416	$	1,410,998	$	—
Liabilities:
Contingent earn-out liability		206		—		—		206
Warrant liabilities		2,763		1,546		1,217		—
Total	$	2,969	$	1,546	$	1,217	$	206


	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

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, certificates of deposit, 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 liabilities 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(3)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Topic 940
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining three months)	$ 945
2025	10,476
2026	10,843
2027	11,222
2028	11,615
Thereafter	93,486
Total undiscounted lease payments	138,587
Less: Imputed interest	(51,881)
Total operating lease liabilities	$ 86,706	$ 87,944

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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	2,161,267
Number of Shares, RSUs granted	1,667,435
Number of Shares, RSUs vested	(724,965)
Number of Shares, RSUs forfeited	(136,298)
Number of Shares, Ending balance	2,967,439	2,161,267
Number of Shares, Expected to vest	2,967,439
Weighted-average grant date fair value per share, Beginning balance	$ 25.1
Weighted-average grant date fair value per share, Restricted stock units granted	32.4
Weighted-average grant date fair value per share, Restricted stock units vested	26.43
Weighted-average grant date fair value per share, Restricted stock units forfeited	26.81
Weighted-average grant date fair value per share, Ending balance	28.8	$ 25.1
Weighted-average grant date fair value per share, Expected to vest	$ 28.8
Weighted-average remaining contractual term (in years)	1 year 6 months 18 days	1 year 6 months 21 days
Weighted-average remaining contractual term, Expected to vest	1 year 6 months 18 days
Aggregate intrinsic value	$ 134,573	$ 61,985
Aggregate intrinsic value, Expected to vest	$ 134,573

Available-for-sale Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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

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


	September 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Marketable securities:
Commercial paper	$	142,816	$	194	$	(3	)	$	143,007
Certificates of deposit		9,341		26		—			9,367
U.S. government and agency securities		791,370		2,283		(42	)		793,611
Corporate bonds		400,879		1,366		(11	)		402,234
Total marketable securities		1,344,406		3,869		(56	)		1,348,219
Cash equivalents:
Money market funds		136,416		—		—			136,416
Commercial paper		44,927		1		(2	)		44,926
U.S. government and agency securities		17,853		1		(1	)		17,853
Total cash equivalents		199,196		2		(3	)		199,195
Total available-for-sale securities	$	1,543,602	$	3,871	$	(59	)	$	1,547,414


	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 securities	$	1,852,189	$	1,102	$	(558	)	$	1,852,733

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

The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of September 30, 2024:


	September 30, 2024
			Gross		Gross
	Amortized		unrealized		unrealized			Estimated
	cost		gain		loss			fair value
	(in thousands)
Mature in one year or less	$	1,387,042	$	3,134	$	(26	)	$	1,390,150
Mature after one year through two years		156,560		737		(33	)		157,264
Total available-for-sale securities	$	1,543,602	$	3,871	$	(59	)	$	1,547,414

- 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
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-Section 50
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-Publisher FASB
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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
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-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
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-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

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,543,602	$ 1,852,189
Gross Unrealized Gain	3,871	1,102
Gross Unrealized Loss	(59)	(558)
Estimated Fair Value	1,547,414	1,852,733
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,344,406	1,156,197
Gross Unrealized Gain	3,869	1,066
Gross Unrealized Loss	(56)	(456)
Estimated Fair Value	1,348,219	1,156,807
Marketable Securities \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	142,816	460,979
Gross Unrealized Gain	194	108
Gross Unrealized Loss	(3)	(100)
Estimated Fair Value	143,007	460,987
Marketable Securities \| Certificates of deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,341
Gross Unrealized Gain	26
Gross Unrealized Loss	0
Estimated Fair Value	9,367
Marketable Securities \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	791,370	610,188
Gross Unrealized Gain	2,283	769
Gross Unrealized Loss	(42)	(355)
Estimated Fair Value	793,611	610,602
Marketable Securities \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	400,879	85,030
Gross Unrealized Gain	1,366	189
Gross Unrealized Loss	(11)	(1)
Estimated Fair Value	402,234	85,218
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	199,196	695,992
Gross Unrealized Gain	2	36
Gross Unrealized Loss	(3)	(102)
Estimated Fair Value	199,195	695,926
Cash Equivalents \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	136,416	288,757
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Estimated Fair Value	136,416	288,757
Cash Equivalents \| Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	44,927	231,380
Gross Unrealized Gain	1	33
Gross Unrealized Loss	(2)	(48)
Estimated Fair Value	44,926	231,365
Cash Equivalents \| U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,853	175,855
Gross Unrealized Gain	1	3
Gross Unrealized Loss	(1)	(54)
Estimated Fair Value	$ 17,853	$ 175,804

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (156,288)	$ (133,233)	$ (116,003)	$ (108,434)	$ (98,298)	$ (68,098)	$ (405,524)	$ (274,830)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent events - Additional Information (Details) - Redwood City Lease $ in Millions	1 Months Ended
	Nov. 30, 2024 USD ($) ft²	Nov. 30, 2021 ft²
Subsequent Event [Line Items]
Area of space leased \| ft²		41,000
Subsequent Event \| The 600 Building
Subsequent Event [Line Items]
Area of space leased \| ft²	46,961
Initial annual base rent \| $	$ 3.3
Annual base rent increasing rate	3.50%
Tenant improvement allowance \| $	$ 2.3
Lessee, operating lease, option to extend	The Company expects to take possession of the 600 Building in November 2024. The Company has the option to extend the lease for an additional ten years after the first anniversary of the lease commencement date of the 600 Building.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	136,416	$	136,416	$	—	$	—
Commercial paper		187,933		—		187,933		—
Certificates of deposit		9,367		—		9,367		—
U.S. government and agency securities		811,464		—		811,464		—
Corporate bonds		402,234		—		402,234		—
Total	$	1,547,414	$	136,416	$	1,410,998	$	—
Liabilities:
Contingent earn-out liability		206		—		—		206
Warrant liabilities		2,763		1,546		1,217		—
Total	$	2,969	$	1,546	$	1,217	$	206


	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

Common Stock

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Common Stock

10.

Common stock

As of September 30, 2024 and December 31, 2023, 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 September 30, 2024, no dividends have been declared to date.

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


	September 30,		December 31,
	2024		2023
Outstanding options to purchase common stock		14,082,077		11,083,349
Unvested restricted stock units of common stock		2,967,439		2,161,267
Available for future issuance under the 2020 Incentive Award Plan		9,414,890		6,241,188
Available for issuance under the 2020 Employee Stock Purchase Plan		3,850,404		2,394,407
Total		30,314,810		21,880,211

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30,		December 31,
	2024		2023
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	8,396	$	7,369
Operating lease liability – noncurrent		78,310		80,575
Total operating lease liabilities	$	86,706	$	87,944

Summary of Components of Lease Costs

The components of lease costs for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Operating lease cost	$	2,798	$	1,941	$	8,393	$	5,684
Less: Sublease income		—		—		—		(302	)
Total operating lease cost, net(1)	$	2,798	$	1,941	$	8,393	$	5,382

(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 September 30, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2024 (remaining three months)	$	945
2025		10,476
2026		10,843
2027		11,222
2028		11,615
Thereafter		93,486
Total undiscounted lease payments	$	138,587
Less: Imputed interest		(51,881	)
Total operating lease liabilities	$	86,706

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Follow-on Public Offering	Follow-on Public Offering Common Stock	Follow-on Public Offering Additional Paid-In Capital	Market Offering [Member]	Market Offering [Member] Common Stock	Market Offering [Member] Additional Paid-In Capital
Beginning balance at Dec. 31, 2022	$ 685,188	$ 9	$ 1,388,300	$ (1,780)	$ (701,341)
Beginning balance, shares at Dec. 31, 2022		90,411,912
Issuance of common stock pursuant to stock option exercises	499		499
Issuance of common stock pursuant to stock option exercises, shares		118,747
Issuance of common stock related to vesting of restricted stock units, shares		85,891
Issuance of common stock, net of offering costs						$ 323,706	$ 2	$ 323,704
Issuance of common stock, net of offering costs, shares							15,681,818
Repurchases of early exercised stock, shares		(291)
Stock-based compensation expense	9,699		9,699
Net unrealized gain (loss) on marketable securities	1,224			1,224
Net Income (Loss)	(68,098)				(68,098)
Ending balance at Mar. 31, 2023	952,218	$ 11	1,722,202	(556)	(769,439)
Ending balance, shares at Mar. 31, 2023		106,298,077
Beginning balance at Dec. 31, 2022	685,188	$ 9	1,388,300	(1,780)	(701,341)
Beginning balance, shares at Dec. 31, 2022		90,411,912
Net unrealized gain (loss) on marketable securities	909
Net Income (Loss)	(274,830)
Ending balance at Sep. 30, 2023	837,458	$ 11	1,814,489	(871)	(976,171)
Ending balance, shares at Sep. 30, 2023		109,451,685
Beginning balance at Dec. 31, 2022	685,188	$ 9	1,388,300	(1,780)	(701,341)
Beginning balance, shares at Dec. 31, 2022		90,411,912
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
Beginning balance at Mar. 31, 2023	952,218	$ 11	1,722,202	(556)	(769,439)
Beginning balance, shares at Mar. 31, 2023		106,298,077
Issuance of common stock pursuant to stock option exercises	468		468
Issuance of common stock pursuant to stock option exercises, shares		45,918
Issuance of common stock related to vesting of restricted stock units, shares		174,252
Issuance of common stock related to employee stock purchase plan		139,967
Issuance of common stock related to employee stock purchase plan (Value)	2,109		2,109
Issuance of common stock, net of offering costs									$ 62,053		$ 62,053
Issuance of common stock, net of offering costs, shares										2,482,880
Stock-based compensation expense	12,980		12,980
Net unrealized gain (loss) on marketable securities	(695)			(695)
Net Income (Loss)	(98,298)				(98,298)
Ending balance at Jun. 30, 2023	930,835	$ 11	1,799,812	(1,251)	(867,737)
Ending balance, shares at Jun. 30, 2023		109,141,094
Issuance of common stock pursuant to stock option exercises	1,011		1,011
Issuance of common stock pursuant to stock option exercises, shares		150,525
Issuance of common stock related to vesting of restricted stock units, shares		160,066
Stock-based compensation expense	13,666		13,666
Net unrealized gain (loss) on marketable securities	380			380
Net Income (Loss)	(108,434)				(108,434)
Ending balance at Sep. 30, 2023	837,458	$ 11	1,814,489	(871)	(976,171)
Ending balance, shares at Sep. 30, 2023		109,451,685
Beginning balance at Dec. 31, 2023	1,826,194	$ 16	2,963,342	544	(1,137,708)
Beginning balance, shares at Dec. 31, 2023		164,674,594
Issuance of common stock pursuant to stock option exercises	810		810
Issuance of common stock pursuant to stock option exercises, shares		73,342
Issuance of common stock related to vesting of restricted stock units, shares		165,078
Stock-based compensation expense	16,208		16,208
Net unrealized gain (loss) on marketable securities	(1,742)			(1,742)
Net Income (Loss)	(116,003)				(116,003)
Ending balance at Mar. 31, 2024	1,725,467	$ 16	2,980,360	(1,198)	(1,253,711)
Ending balance, shares at Mar. 31, 2024		164,913,014
Beginning balance at Dec. 31, 2023	1,826,194	$ 16	2,963,342	544	(1,137,708)
Beginning balance, shares at Dec. 31, 2023		164,674,594
Net unrealized gain (loss) on marketable securities	3,268
Net Income (Loss)	(405,524)
Ending balance at Sep. 30, 2024	1,566,304	$ 16	3,105,708	3,812	(1,543,232)
Ending balance, shares at Sep. 30, 2024		167,748,336
Beginning balance at Mar. 31, 2024	1,725,467	$ 16	2,980,360	(1,198)	(1,253,711)
Beginning balance, shares at Mar. 31, 2024		164,913,014
Issuance of common stock pursuant to stock option exercises	4,340		4,340
Issuance of common stock pursuant to stock option exercises, shares		238,793
Issuance of common stock related to vesting of restricted stock units, shares		303,953
Issuance of common stock related to employee stock purchase plan		190,748
Issuance of common stock related to employee stock purchase plan (Value)	3,164		3,164
Stock-based compensation expense	19,775		19,775
Net unrealized gain (loss) on marketable securities	(665)			(665)
Net Income (Loss)	(133,233)				(133,233)
Ending balance at Jun. 30, 2024	1,618,848	$ 16	3,007,639	(1,863)	(1,386,944)
Ending balance, shares at Jun. 30, 2024		165,646,508
Issuance of common stock pursuant to stock option exercises	3,001		3,001
Issuance of common stock pursuant to stock option exercises, shares		218,318
Issuance of common stock related to vesting of restricted stock units, shares		255,934
Issuance of common stock, net of offering costs									$ 74,293		$ 74,293
Issuance of common stock, net of offering costs, shares										1,627,576
Stock-based compensation expense	20,775		20,775
Net unrealized gain (loss) on marketable securities	5,675			5,675
Net Income (Loss)	(156,288)				(156,288)
Ending balance at Sep. 30, 2024	$ 1,566,304	$ 16	$ 3,105,708	$ 3,812	$ (1,543,232)
Ending balance, shares at Sep. 30, 2024		167,748,336

Organization

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Revolution Medicines, Inc. (the Company) is a clinical-stage precision oncology company developing novel 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 September 30, 2024, the Company had an accumulated deficit of $1.5 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 unaudited condensed 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 reimbursement received under the Company’s prior 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 November 2021, the Company entered into a sales agreement with Cowen and Company, LLC, an affiliate of TD Securities (USA) LLC (TD Cowen), as amended in March 2024, 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 (the 2021 ATM Program). During the year ended December 31, 2023, the Company sold an aggregate of 2,482,880 shares of common stock under the 2021 ATM Program 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 2021 ATM Program were $62.1 million during the year ended December 31, 2023. During the three and nine months ended September 30, 2024, the Company sold an aggregate of 1,294,050 shares of common stock under the 2021 ATM Program, resulting in gross proceeds of $60.8 million. After deducting commissions and expenses of $1.5 million, net proceeds to the Company were $59.3 million.

In August 2024, the Company entered into a new sales agreement with TD Cowen to sell shares of the Company’s common stock, from time to time, with aggregate gross proceeds of up to $500 million, through an at-the-market equity offering program (the 2024 ATM Program). The 2024 ATM Program replaced the 2021 ATM Program and any unused balance remaining under the 2021 ATM Program is no longer available. During the three and nine months ended September 30, 2024, the Company sold an aggregate of 333,526 shares of common stock under the 2024 ATM Program, resulting in gross proceeds of $15.3 million. After deducting commissions and expenses of $0.3 million, net proceeds to the Company were $15.0 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.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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. In July 2024, the Company amended its Redwood City lease to lease an additional approximately 43,000 square feet of office, laboratory and research and development space located at 500 Saginaw Drive, Redwood City, California (the 500 Building). The Company will pay an initial annual base rent of approximately $2.7 million, which is subject to scheduled 3.5% annual increases, plus certain operating expenses. The Company has been provided a tenant improvement allowance of $4.3 million. The Company took possession of the 500 Building in October 2024. The Company has the option to extend the lease for an additional ten years after the first anniversary of the lease commencement date of the 500 Building.

The Company maintains letters of credit for the benefit of the landlord which are classified as restricted cash in the unaudited condensed consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $2.9 million and $2.4 million as of September 30, 2024 and December 31, 2023, respectively.

Through September 30, 2024, the landlord had provided the Company with $9.6 million in tenant improvement allowances 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 unaudited condensed 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:


	September 30,		December 31,
	2024		2023
	(in thousands)
Operating lease liabilities:
Operating lease liability – current	$	8,396	$	7,369
Operating lease liability – noncurrent		78,310		80,575
Total operating lease liabilities	$	86,706	$	87,944

The components of lease costs for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Operating lease cost	$	2,798	$	1,941	$	8,393	$	5,684
Less: Sublease income		—		—		—		(302	)
Total operating lease cost, net(1)	$	2,798	$	1,941	$	8,393	$	5,382

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

As of September 30, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands):




2024 (remaining three months)	$	945
2025		10,476
2026		10,843
2027		11,222
2028		11,615
Thereafter		93,486
Total undiscounted lease payments	$	138,587
Less: Imputed interest		(51,881	)
Total operating lease liabilities	$	86,706

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 September 30, 2024 and December 31, 2023, the weighted-average remaining lease term was 11.3 years and 12.0 years, respectively.

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. The Company believes that as of September 30, 2024 and December 31, 2023 no such matters, individually or in the aggregate, would 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 the Company upon 30 to 90 days prior written notice.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of significant accounting policies

Basis of presentation

The unaudited condensed 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 interim 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 accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The unaudited condensed consolidated financial statements for the periods ended September 30, 2024 and September 30, 2023 include the accounts of the Company and its wholly owned subsidiaries. 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 the fair value of assets acquired and liabilities assumed and related purchase price allocation, revenue recognition, clinical accruals, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, the incremental borrowing rate for determining operating lease assets and liabilities, warrant 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.

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 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, certificates of deposit, 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.

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 liabilities 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 noncurrent liabilities, as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Recent accounting pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date. No new pronouncements have been adopted by the Company for the three and nine months ended September 30, 2024.

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 condensed 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 condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement

as well as disclosures about selling expenses. The guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of the standard on its condensed consolidated financial statements.